Southern California-based East West Bank can now refer its business and commercial banking clients who are seeking in-store and online payment solutions to Worldpay.
The bank and the payments technology and solutions company have formed a long-term agreement that gives East West Bank customers access to those solutions and builds on Worldpay’s U.S. distribution, the companies said in a Wednesday (Oct. 8) press release emailed to PYMNTS.
The agreement includes point-of-sale, smart terminals, omnichannel, eCommerce and loyalty eCommerce solutions, according to the release.
East West Bank has more than 110 locations in the United States and Asia, per the release.
“Our customers trust us to help them reach further and achieve their business goals,” Russ Ellsworth, head of global treasury and payments products at East West Bank, said in the release. “Worldpay’s deep expertise in payments technology and commitment to security make them a valued provider as we expand our payments offering.”
Worldpay’s solutions enable omnichannel commerce from anywhere in the world, and the company processes over 50 billion transactions across 174 countries each year, according to the release.
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“By combining the breadth and depth of Worldpay’s solutions with the strength and trust of East West Bank, we will empower businesses to exceed customer expectations, accelerate growth and deliver exceptional experiences,” Philip McHugh, head of global SMB at Worldpay, said in the release. “Through this long-term agreement, we are opening a significant channel for bringing our global scale and local expertise in payments to the wide range of commercial clients that East West Bank serves.”
The PYMNTS Intelligence and Worldpay collaboration “Platform Power: The Growing Importance of Embedded Finance to SMB Success” found that 90% of small businesses consider access to embedded financial services essential to their daily operations.
The report also found that a growing share of small and medium-sized businesses are prepared to switch providers if their current one does not deliver these services. Two-thirds of SMBs are now prepared to switch, up from just over half of SMBs in 2024.
Another PYMNTS Intelligence and Worldpay collaboration, “Going Global: How Payments Optimization Can Power an International Commerce Strategy,” found that global eCommerce players should not overlook the importance of payments in enhancing the customer experience.
The report found that 84% of shoppers consider one-click checkout an important factor in their purchasing decisions.
