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Bluefin Payment System to acquire TECS Payment System

Thursday 3 November 2022 15:05 CET | News

Bluefin Payment Systems, a US-based payment and data security company, has acquired TECS Payment System, an omnichannel payment solutions provider.

Bluefin Payment Systems, a US-based payment and data security company, has acquired TECS Payment System, an omnichannel payment solutions provider.

Once the deal is finalised, Bluefin and TECS will serve a combined 34,000 merchants and close to 300 global partners in 55 countries. And for both Bluefin and TECS, the acquisition will mean an expansion when it comes to their geographical footprint.

Bluefin will leverage the purchase to offer its customers omnichannel payments, and smartPOS capabilities, which will be integrated into the company’s existing payments and data security suite. TECS clients will benefit from added data security solutions, as well as additional resources for its TECS product and solution suite.

Founded in 2007, Bluefin offers encrypted and tokenized payments for point-of-sale transactions. Additionally, the company’s data security platform, ShieldConex, tokenizes payments, Personally Identifiable Information (PII), and Protected Health Information (PHI) entered online. Last month, the company appointed a new CRO to fuel its growth. And, earlier this fall, Bluefin partnered with commercial hardware manufacturer Sunmi.

More about TECS

TECS will be integrated into the Bluefin team and continue its Austria-based operations, managed locally by TECS CEO.

Bluefin Payment Systems, a US-based payment and data security company, has acquired TECS Payment System, an omnichannel payment solutions provider.

The TECS platform supports international card payments, fleet cards, account-based payments, and digital wallets processed through in-person, mobile, unattended, and ecommerce channels. SmartPOS devices are offered from Sunmi and Newland through the company’s own AppStore and Terminal Management Systems (TMS). Gateway features include multi-currency processing, a robust fraud system, a gift card/loyalty program and a proprietary 3D Secure (3DS) solution integrated with the card brands.

TECS offers solutions in the electronics payments sphere and have offices/partners in multiple countries including Austria, Germany, Italy, Belarus, Slovakia, Czech Republic, Qatar, and Arabic Emirates, as well as a large customer base in Europe and Asia. Working in collaboration with Spire Payments the objective is mass-deployments of mPOS and traditional POS solutions in an ever-expanding portfolio of markets.

The importance of collaboration between fintechs

The financial services industry is undergoing a significant shift as the ecosystem is increasingly dominated by partnerships rather than solo enterprises. Partnerships are critical to staying ahead in a crowded market: partnering with the companies specialising in a niche area saves time and resources, improves product time to market, and helps to accelerate the business’ learning curve.

Partnerships must be aligned with the company’s strategy and values. They should benefit both partners in order to ensure long-term alignment and the longevity of the collaboration. There are multiple reasons as to why businesses and fintech companies utilise partnerships to meet their strategic objectives.

Partnerships can offer businesses a mix of these benefits and opportunities at one time. More generally, fintech partnerships create a massive opportunity for levelling the playing field, improving internal processes, adding technological capabilities, and most importantly improving the end customer experience. Partnerships help businesses to achieve efficiency, enable faster time to market, and ultimately help companies to speed up revenue generation.


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Keywords: acquisition, payments , data, expansion, POS
Categories: Banking & Fintech
Companies: Bluefin, TECS
Countries: United States
This article is part of category

Banking & Fintech

Bluefin

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TECS

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