Simplifying Payments: The Paramount Commerce Story
In the early 2000s, e-commerce was starting to gain popularity as more people began to shop online. However, there also came concerns about the reliability of certain payment solutions available on these platforms. Credit cards struggled with failure rates, while e-wallet payments had low adoption rates and a poor user experience. Frustration was mounting, and consumers were clamouring for a solution.
At this time, a group of finance and technology enthusiasts came together to form Paramount Commerce, a revolutionary bank-account-based payment solutions provider with a mission to simplify payments. In their first year of operation, with only a handful of team members, they launched their first payment product, INSTADEBIT. This solution enabled consumers to make online purchases directly from their bank account without the need for an e-wallet.
INSTADEBIT instantly caught the attention of consumers, and in the first year of business, it was processing over $50 million a month. This marked the beginning of the company’s growth. By 2006, Paramount Commerce had processed over a billion dollars in transactions, establishing itself as a prominent paytech in Canada.
In 2008, the company expanded into the US with a new product called Instant Bank Transfer–a game-changer for the industry. Now customers could make payments directly from their bank accounts, eliminating the need for credit cards and wallet-based payment methods. The product was an instant success. With this revolutionary technology, Paramount received its first patent for bank innovation technology in 2010.
In 2013, the US state of New Jersey launched regulated online gaming. European online gaming merchants were supporting American land-based casino operators in setting up their online casinos. A trusted partner to the majority of European gaming merchants, Paramount Commerce facilitated integrating Instant Bank Transfer on the US merchants’ new online platforms.
As time progressed, Paramount Commerce continued to experience impressive growth in the European Union. In 2011, the company opened an office in Malta as part of its expansion strategy and obtained a UK FCA Payments Institution license. This move proved to be a success, as Paramount Commerce continued to thrive and expand further into the UK and EU markets. To better serve its clients in other industries, the company started offering payment solutions to digital commerce operators in 2016.
In anticipation of regulated sports betting and online gaming in Canada, the company launched a payment solution for Canadian merchants and consumers in 2020. The following year, the Canadian government legalised single-event sports betting, paving the way for Canadian provinces to offer more diverse gaming options. As business was ramping up in Canada, the company made headlines when its US brand was acquired.
In April of 2022, Ontario’s regulated iGaming market launched, allowing international operators to expand their brands within the province. Having worked with both European and US operators before, Paramount Commerce was ready to support them with its solutions, including a brand new solution for Canadian consumers called Instant Bank Transfer. Paramount also provided merchants with the necessary tools to comply with provincial regulations.
Paramount Commerce has proven to be a pioneering force in the fintech industry over the past two decades. Today, Paramount Commerce has over one million unique users and has processed over $100 billion in payments. A leader in both the online gaming and fintech community, its commitment to staying at the forefront of innovation has propelled its growth and success. As we look to the future, Paramount Commerce continues to fulfill its promise to simplify payments and offer a best-in-class experience for both merchants and consumers.
