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Merchant processor Optimal Payments Plc announced it has changed its name to Paysafe Group Plc. The move reflects the company’s direction following the closing of its Skrill acquisition in August. The deal bolstered the company’s stake in digital wallets.
“This was a major milestone for the company, and although we loved the Optimal Payments name, it provided us with a great opportunity to begin the next chapter of our journey as a combined business,” a Paysafe spokeswoman tells Digital Transactions News. “Paysafe is a very relevant name for us. It says what we do, but most importantly it reflects our commitment to businesses and consumers around the world.” Paysafe also is the name of an existing card product in the company’s portfolio.
United Kingdom-based Paysafe, which has major operations in Canada and the United States, paid $1.2 billion for Skrill Group, a London-based payments company specializing in digital wallets, a deal it announced in March and closed in August. Paysafe offers the Netbanx payment-processing platform and the Neteller digital wallet, in addition to prepaid card services. In late 2014, Pala Interactive LLC, an online gambling operator, began using then-Optimal's processing services.
Optimal Payments said in late October it had investigated allegations of a data breach in its Neteller business in 2011 and one at Moneybookers Ltd., which had been part of Skrill, that happened in 2012 or before. A forensic investigator found no evidence “to suggest the breach was material,” the company said in a press release.
