MasterCard, Europay French Payment Units Merge
MasterCard Europe and Europay France are integrating their operating structures and forming a new company in France. The companies say their aim is to improve payments services to French banks and to help the banks prepare for SEPA. They also want to make it easier for French banks to compete in the international market for payments services.
Europay France processes domestic MasterCard transactions for French banks. It also acquires transactions for foreign MasterCard cardholders in France and for French cardholders abroad. In addition, Europay France manages the development and adoption by French banks of MasterCardÆs products in France. MasterCard Europe and Europay merged their respective pan-European activities in 2002. Under that agreement, Europay France acted as a liaison and interface between MasterCard Worldwide and French banks. However, under the new structure, French banks will have a direct relationship with MasterCard for payment services. ôThis new agreement is essential for strengthening our direct presence in this market and providing French banks with a single point of contact for their electronic payment needs,ö says Alfredo Gangotena, MasterCardÆs general manager for Continental Europe. The companies have not disclosed the terms of the merger transaction which is expected to be completed on April 1, 2008. Emmanuel Petit is to be the general manager of the newly-created company. Petit, who joined MasterCard in 2002, will report to Gangotena. Related Links
www.mastercard.com
Europay France
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