Banco Santander Chile and Puerto Rico-based financial services firm Evertec have signed an agreement pursuant to which Evertec will provide acquiring processing services and other solutions to Banco Santander in Chile.
Image: Banco Santander partners with Evertec. Photo: Courtesy of Junius/Wikipedia.org.
Under the five-year agreement, Evertec will provide a complete cloud-based solution to Banco Santander that includes switching and authorisation of transactions; acquiring platform for administering merchant business; omni-channel solutions such as e-commerce and mobile commerce; and security and fraud management and solutions.
Evertec will offer its services to Banco Santander, as the lender is entering the merchant acquiring business in the South American country.
Evertec president and CEO Mac Schuessler said: “We are extremely pleased to provide our products and services to Banco Santander, the first bank to announce plans to open the Chilean payments market.
“We are confident that our platform and services, together with our team of experts in the processing and acquiring business, will drive innovation and accelerate market growth as market participants look for alternatives.
“This confirms our strategy of localizing our platform for key markets such as Chile, as well as the transition of our license products to processing products. As a processor with local capabilities, we believe we are well-positioned to meaningfully benefit as the market grows.”
Banco Santander Chile general manager Miguel Mata said: “With Evertec’s credentials as a leading regional payment processing company, Santander will leverage our robust client base to achieve our strategic objective of increasing the coverage, depth and security of the payment methods in Chile, both face-to-face as well as in e-commerce.
“As a result of this initiative, Santander will accelerate the transformation of the payments market in Chile allowing any entrepreneur, merchant or business owner to have their own point-of-sale (POS) device to accept card payments in a more secure manner.”
Evertec is a full-service transaction processing business in Latin America, offering services across Brazil, Chile, Costa Rica, Columbia, Guatemala, Mexico, Panama, Peru, Dominican Republic and Uruguay.
The company offers a broad range of merchant acquiring, payment processing and business solutions services and also offers comprehensive suite of services for core bank processing, cash processing and technology outsourcing. It also manages electronic payment networks that process more than two billion transactions annually.