European Software & Payments: Takeaways from deep dive into Adyen's Intelligent Money Movement

Research evidence excerpt

European Software & Payments: Takeaways from deep dive into Adyen's Intelligent Money Movement

Equity Research

3 July 2026

European Software & Payments

Takeaways from deep dive into

Adyen's Intelligent Money

European Software & PaymentsMovement

NEUTRAL

Our expert call highlights IMM as a meaningful expansion of European Software & Payments

Sven Merkt, CFAAdyen’s role in the payments stack, extending beyond

payment processing into end-to-end financial infrastructure, +44sven.merkt@barclays.com(0)20 3134 1254

with implications for take-rate expansion, increased Barclays, UK

merchant stickiness and stronger long-term competitive Yaamir Badhe

+44 (0)20 7773 3700

positioning. yaamir.badhe@barclays.com

Barclays, UK

Earlier this week, we hosted a fireside chat with Joyce Lim, managing director of global Alice Jennings

payments at Expedia Group, where she worked as a customer on the co-development of +44 (0)20 3134 9087

Adyen's Intelligent Money Movement (IMM) product. IMM was launched by Adyen in 1Q26 and alice.jennings@barclays.com

Barclays, UKallows customers to combine pay-ins, pay-outs and treasury management over a single

platform. Alongside Expedia, key customers include Etsy and Vinted. Our key takeaways are as

follows:

•• IMM unifies fragmented stacks, with the key unlock on pay-outs, travel provider

experience and operational benefits: Expedia, like other OTAs, operates a complex money

movement system, which consists primarily of pay-ins from consumers, which are held by

Expedia before being paid out to travel providers. The speaker explained that Expedia

historically used a fragmented payments set-up to coordinate this, involving multiple pay-in

providers, banks managing liquidity and separate pay-out providers across regions,

currencies and payment types.