First Data Forms Alliance with Bancoob to Debut New Acquiring Business in Brazil

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Sunday, 02 February 2014 00:46

First Data Corporation, the global leader in payments processing and electronic commerce solutions and Bancoob, (Banco Cooperativo do Brasil S.A), the wholly owned private bank supporting Brazil’s largest credit union cooperative system (Sicoob), announced on January 15th a partnership to enter the Brazil merchant acquiring market in the first half of 2014.

The partnership combines the complementary strengths of First Data’s global leadership in end-to-end payment acceptance and processing services with presence in 34 countries, with Bancoob’s local market experience and access via Sicoob’s credit unions, to more than 2.5 million cooperative members, including 300,000 merchants. The alliance makes modern and simple electronic payment services available to all Brazilian merchants, whether or not they are credit union members.

“Accelerating our global merchant acquiring business by entering the Brazilian payments market is central to First Data’s growth strategy,” said Deborah Guerra, general manager of First Data Brazil. “An economically thriving nation like Brazil that is experiencing double-digit electronic payment growth relies on well-structured and modernized trade and services. By strategically aligning with Bancoob, we can jointly provide merchants with a secure, reliable payment network and the versatile, affordable and information-rich acquiring solutions they need to enhance their competitiveness and customer service.”

Bancoob will expand the range of customized services provided to Sicoob credit unions and their member associates. “The partnership will increase business for the credit unions, who can offer new and customized financial services solutions to their associates. In this manner, Bancoob reinforces its commitment to the development of the Brazilian credit union system”, emphasized Marco Aurelio Almada, director and president of Bancoob.

Powered by end-to-end First Data payments solutions and support based in São Paulo and Bancoob acquiring services based in Brasilia, the new company will offer national coverage of the most complete, flexible and competitively priced acquiring services.

The new operation will initially offer payment acceptance of the country’s primary card schemes such as MasterCard, Visa and Cabal credit, debit and pre-paid cards, with additional card brand acceptance available over time. Other initial products and services available to merchants include installment payments, recurring payments, pre-payment, fraud monitoring, e-commerce, mobile top-up and loyalty programs.

The Banco Cooperativo do Brasil S.A. (Bancoob) is a commercial private bank specialized in services for cooperatives. Its control belongs to institutions affiliated to Sistema de Cooperativas de Crédito do Brasil (Sicoob) and its stocks control that belongs to entities affiliated to the System. Besides preserving the autonomy and operational freedom of cooperatives, mostly to the finance market, Bancoob works in the sense to gather factors of competition to these institutions, through finance products and services that allow broader and satisfactory treatment to the associates. Bancoob’s subsidiaries are companies Cabal Brasil, Bancoob DTVM, Ponta Administradora Consortium. The Bancoob is also founder and sponsor Sicoob Previ - Together these companies enable financial solutions in the segments of cards, investment funds, trusts and pension plans.

Sicoob (Sistema de Cooperatvicas de Credito do Brasil) is the Credit Union Cooperative System of Brazil and has more than 2.5 million associate members across the country and is present in 23 Brazilian states and the Federal District. Sicoob is comprised of more than 500 singular credit unions, 15 central credit unions, a national confederation, and Bancoob and its subsidiaries. The Sicoob bank branch network is the 6th largest in Brazil with more than 2,200 branches. The credit unions that are part of the Sicoob system offer a broad portfolio of products and services for their associates, including access to competitive credit and loan services for both individual and business members.


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