First Data completes acquisition of credit card processing unit

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 SpA, 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 Fineco’s cardholder accounts, which Fineco will continue to own and manage.

A strategic match for First Data, the acquisition of FinecoBank’s credit card processing unit expands and reinforces our operations in Italy and underscores our continued focus on growth in Europe, said Pam Patsley, president of First Data International.

This acquisition follows on from the establishment of a First Data processing center in Milan. Together, the First Data Italian operations and FinecoBank’s credit card processing unit will process more than 500,000 credit cards in Italy.

First Data also said that the acquisition would strengthen its business across the region by combining First Data’s comprehensive transaction processing solution, VisionPLUS, which is used by many of the largest banks and retail card issuers in the world, with local skill and knowledge.