First Data Corporation and FEXCO the Irish financial institution with payment and transaction processing businesses, announced an agreement whereby First Data acquired the remaining equity stake in OmniPay, a global provider of card and electronic payment processing services to merchant acquiring banks, bringing First Data’s ownership to 100%.

First Data has had an equity investment in OmniPay since 2002 and took a majority equity interest in the company in August 2006.

As part of this transaction, those partners of FEXCO who today use the OmniPay platform will have uninterrupted access to it. New partners of FEXCO who wish to use OmniPay will also have access to this platform.

The parties also announced that they have entered into a long-term agreement whereby FEXCO continues as First Data’s preferred supplier of dynamic currency conversion processing solutions.

“First Data’s decision to acquire the remaining 30% of the equity in OmniPay is a strong endorsement of the company and what it has achieved in the marketplace, as well as being a natural evolution of our long-term relationship with FEXCO. The OmniPay platform will be key to supporting First Data’s alliances and other strategic business units,” says John Elkins, president of First Data’s International Regions.

 

 

[This article was posted on May 8, 2012, on the website of ABA Banking Journal, www.ababj.com.]  

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