FIS's takeover of Clear2Pay: what’s the story?

Brussels, home of Clear2Pay

The pool of independent companies in the payments processing space has shrunk yet again, with Clear2Pay being taken over by US fintech giant, FIS. The official announcement, of course, praises the €375 million acquisition, with Clear2Pay stating that ‘the combination of these two companies will be uniquely qualified to deliver true payment systems convergence’. Which translates into plain English as FIS will have an even larger portfolio of payments systems and solutions, some complementary, some competing.