This transaction includes the acquisition of the processing facilities including software, employees and other processing capabilities used in the servicing of Finecos cardholder accounts, which Fineco will continue to own and manage. This acquisition follows on from the establishment of a First Data processing centre in Milan. Together, the First Data Italian operations and FinecoBanks credit card processing unit will process more than 500,000 credit cards in Italy. This acquisition further strengthens First Datas business across the region by combining First Datas comprehensive transaction processing solution, VisionPLUS(R), which is used by many of the largest banks and retail card issuers in the world, with local skill and knowledge. Financial terms of the transaction were not disclosed.
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