|By Business Wire||
|August 15, 2014 09:01 AM EDT||
First Data, the global leader in payment processing solutions and e-commerce, has dramatically expanded its presence in Brazil with the launch of Bin, the company’s acquiring solution developed specifically for the local market. Leveraging over 40 years of experience in the payments industry and international markets, First Data will differentiate itself in the Brazilian market with an information rich, easy-to-use solution that will be delivered to merchants via a compelling client experience and competitive prices.
Bin arrives in the Brazilian market with agreements signed with the primary card schemes and has already begun its operations with MasterCard for credit, debit and installment payments, anticipation of credit receivables and other services. Card acceptance with other card schemes such as Visa and Cabal, will be enabled in coming weeks, signaling the start of broader commercial operations.
“Our objective is for Bin to be recognized as an easy to use, flexible, secure and accessible electronic payment solution that helps small and medium businesses as well as large retailers and e-commerce companies, to grow,” said Debbie Guerra, general manager of First Data Brazil. “With Bin and its focus on electronic payments, First Data Brazil takes its first and most important step toward offering the next generation of an integrated point of sale and commerce solution for merchants,” Guerra added.
The Bin launch is the result of the operational agreement announced last January between First Data Brazil and Bancoob, the banking arm of Sicoob, the largest credit union cooperative system in the country. As part of this agreement, Bancoob is the formal acquirer that is responsible for provisioning the card scheme licenses and managing settlement of payments to merchants. Separate from Bin, the bank plans to launch its own acquiring services brand in October to deliver services to more than 300,000 Sicoob merchants using the First Data electronic payment solution.
The Bin solution positioning is marked by a more intimate relationship between merchants and Bin business consultants and service specialists focused on delivering a higher quality personalized client experience. Merchants will benefit from information-rich statements, an easy-to-use portal, a simplified financial reconciliation process and robust fraud monitoring.
In addition to providing standard point-of-sale (POS) terminal options for capturing electronic payments, the Bin solution also features transaction capture via EFT, POSEFT and e-commerce. Knowing that merchants often require flexible payment options to meet their cash flow needs, the Bin solution also provides a variety of programmed and on demand prepayment products and options.
First Data has invested more than $150 million to build and launch the Bin solution. Investments include the development of a robust logistics and support operation, the hiring of more than 200 team members and christening of a new modern office in Sao Paulo. First Data’s international expertise contributed to the local development of a modular and robust transaction capture, authorization and processing platform customized for the Brazil market.
The company built local high-availability data centers in order to support the expected transaction volumes, and also leveraged advanced global security and fraud monitoring solutions.
First Data’s investment in innovative solutions for the Brazilian market will be evident with the release of Clover in 2015. Clover is a transformational business management system that helps small and medium-sized businesses grow by integrating Bin electronic payments with next generation point of sale technology and a cloud-based commerce solution.
The Bin solution complements First Data Brazil’s existing offerings that span the full payment processing value chain. The company offers VisionPlus and VisionFlex payment processing solutions for issuers, delivers closed loop gift card solutions and manages a non-correspondent banking processing solution for 11,000 merchants throughout the country.
About First Data
Around the world, every second of every day, First Data makes payment transactions secure, fast and easy for merchants, financial institutions and their customers. First Data leverages its vast product portfolio and expertise to drive client revenue and profitability. Whether the choice of payment is by debit or credit card, gift card, check or mobile phone, online or at the checkout counter, First Data takes every opportunity to go beyond the transaction. More information about the company is available on FirstData.com as well as on Twitter, LinkedIn and YouTube.
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