SlimPay: a Payment Institution to challenge transaction banking
- SlimPay advertises itself as the first French authorised Payment Institution for credit transfers and direct debits. Its name does not yet appear on the most recent update of the ACP of authorised PIs (dating back from 31st October 2010). SlimPay however communicates on its alternative offer, based, among other points, on SCT and SDD functionalities.
- SlimPay intends to take advantage of SEPA migration and cheque erosion to propose European payment instruments instead. Cheques are used for more than ten billion euros payments per year in France, and could easily be replaced with direct debits (with witnessed 8% growth in 2009).
- The operator was created end 2009 – then called ZiPay – its capital increased mid-2010 and reached 323,000 euros. It is composed of IT and network security development engineers. Its CEO, Jérôme Traisnel, is a Schlumberger former employee (Gemalto).
- This new French PI is the first to position itself outside of the
field of (cobranded or not) card industry and fund transfer. Its offer
may demonstrate that new comers can launch processing chains and attract
customers ex nihilo on transactional products such as credit transfer
and direct debit. Let’s note that its customer marketing speech bases in
fact more on the provisions of the PSD itself, rather than on those of
SEPA instruments.
- SlimPay is more likely to target merchant customers with their large transaction volumes, rather than individuals.