BankSys, InterPay and SSB Form a Unique Card Processing Joint-Venture SiNSYS

Thursday 2 October 2003 23:41 CET | News

SiNSYS is the first pan-European initiative in international card processing. The creation of the company was officially announced today. It is a joint-venture between Banksys (Belgium), Interpay (the Netherlands) and SSB (Societàper i Servizi Bancari - Italy).

The purpose of SiNSYS is to offer secure, high-quality performance acquiring and issuing processing services at highly competitive prices. The joint-venture - the first of its kind ? represents an important consolidation in the European Electronic Fund Transfer market. This initiative will result in significantly faster product innovation and enhanced service flexibility. Renowned European card processors combine their strengths SiNSYS will build on economies of scale combining its founders? volumes, experience and know-how to provide flexible and competitive services for the processing of international debit and credit card transactions. The joint-venture is headquartered in Brussels. Banksys and Interpay each hold a 24.5% interest, SSB holds 51%. The three shareholders - themselves owned by banks - will be its first customers. Growth will be realized through new customers. SiNSYS will be opened to other interbank organizations at a later stage. Current annual volumes amount to 800 million transactions for 18 million cards and 500,000 merchants. These figures are expected to rise to approximately 1.5 billion transactions for 30 million cards and 800,000 merchants by 2007. A key initial target of SiNSYS is to create synergy between the three partners involved while processing of international debit and credit transactions of SiNSYS will be subcontracted to the SSB data center in Milan. Software development teams from each of the shareholders will be integrated and placed into three competence centers in Brussels, Milan, and Utrecht. This combination of expertise will greatly reduce the time-to-market of new applications and likewise increase product functions and flexibility into one state-ofthe-art platform, that will enable SiNSYS to develop new processing services and tailor-made solutions for existing and future clients. The acquiring and issuing processing of transactions will be streamlined, resulting in lower prices for each of these operations. This common platform is ready for any future developments in Internet and international mobile payments, as well as any new standards in the processing industry.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: ,
Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce