In July 2017, PayPal completed its acquisition of TIO Networks for $238 million. TIO Networks, a multichannel payment processor, serves over 16 million consumer bill pay accounts and offers solutions for payment services to financially underserved consumers and consumer services.
Fast-forward to Nov. 10, 2017, when PayPal announced the suspension of TIO Networks’ operations due to the discovery of a security vulnerability on the TIO platform. During due diligence review, it was discovered that TIO’s data security program didn’t adhere to PayPal’s information security standards. For this reason, the platform hasn’t yet been integrated into PayPal’s operations.
Luckily for PayPal users, this means they aren’t affected.