Background: Payvision’s Integration into ING
Payvision, founded in 2002 by Rudolf Booker, was acquired by ING Group in 2018 for approximately €350 million. The deal attracted attention across the financial sector due to concerns over the company’s risk profile. By April 2020, Payvision’s founding team — Rudolf Booker, Gijs op de Weegh, and Cheng Liem Li — exited the company. Following their departure, ING implemented a strategy to restructure Payvision and align its operations with stricter compliance standards.
Concerns Around Business Model and Client Base
According to Dutch financial reporting (Het Financieele Dagblad), Payvision was widely known in the Amsterdam financial community for servicing sectors considered high-risk, such as online gambling, adult entertainment, and certain financial platforms later investigated for fraud. The company had also come under regulatory scrutiny in the U.S., with financial institutions raising concerns about its exposure to potential money laundering.
Insiders cited in local media questioned the technological value of Payvision’s infrastructure, suggesting much of it was outsourced and that the company offered limited proprietary technology. As a result, Payvision’s strategic value appeared to rest heavily on its client portfolio — many of which did not meet the compliance standards later enforced by ING.
ING’s Write-Down and Divestment of Clients
Following internal reviews, ING reportedly terminated relationships with around 70% of Payvision’s clients. The bank subsequently wrote off approximately €188 million in goodwill. Interestingly, some of the clients removed from Payvision’s books — particularly from the adult entertainment segment — were later acquired by the former founders for a symbolic sum.
New Ventures by the Former Founders
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Cetler B.V. (companies register): This new company, founded and managed by Gijs op de Weegh, now serves several former Payvision clients in the adult entertainment industry. Rudolf Booker and Cheng Liem Li have also been listed as directors since September 2020.
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Fourthline (www.fourthline.com): Rudolf Booker is also involved in this Dutch-based company, which offers Know Your Customer (KYC) and compliance solutions. The firm aims to provide digital identity verification and fraud detection services to financial institutions and fintechs.
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Shared Operations: Both Cetler and Fourthline (www.fourthline.com) are registered at the same Amsterdam address — Tesselschadestraat 12 — suggesting an operational link between the two businesses.
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POS Payment Technology: Booker previously served as a director of Global Retail Technology Limited in the UK, a point-of-sale (POS) technology firm connected to Payvision. Company records confirm his directorship. Legal proceedings are reportedly ongoing involving the company and claims made by a business associate.
Public Perception and Personal Branding
Booker, described in local media as coming from a wealthy Amsterdam real estate family, is known for a high-profile lifestyle — including ownership of luxury cars, speed boats, and designer watches. These characteristics drew comparisons with some former business associates also known for displaying signs of personal wealth.
Conclusion
While Payvision’s integration into ING raised significant questions about compliance oversight and acquisition strategy, the company has since undergone major changes. ING appointed a new CEO, André Valkenburg, to lead Payvision’s transformation. Meanwhile, the founding team has transitioned into new ventures, with ongoing involvement in financial and KYC services, as well as in sectors previously linked to the payment processor’s high-risk client base.