Equens, the pan-European payments processor created by the merger of Dutch payments body Interpay and Germany's Transaktionsinstitut, is axing 400 full time jobs under plans to cut costs by 25% over the next three years.
In a statement Equens says it will reduce its workforce in both the Netherlands and Germany through the elimination of positions as well as attrition and retirement of existing employees.
Trade unions and works councils in both countries are closely involved in plans, says Equens.
Looking ahead Equens says it is focused on growing volumes and plans to increase yearly processed payments transactions from almost seven billion in 2006 to ten billion in 2010.
The firm says it will grow its business by attracting new clients and entering into partnerships and joint ventures.
The establishment of Equens last year came as payments market participants restructure and reposition their businesses ahead of the introduction of a Single Euro Payments Area (Sepa) in 2008.