First Data Acquires Credit Card Processing Unit from FinecoBank

Wednesday 12 January 2005 11:38 CET | News

First Data Corp., a global leader in electronic commerce and payment services, has completed the acquisition of the credit card processing business unit of FinecoBank S.p.A., part of Capitalia Group.

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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Categories: Payments & Commerce | Payments General
Countries: World
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