Discover Financial Services Announces International Alliance with Nigeria’s Interswitch Limited
12 Marzo 2013 - 1:05PM
Business Wire
Discover Financial Services (DFS) and Interswitch Limited, the
largest integrated payment processing service provider in Nigeria
and promoter of the leading card network, Verve, today announced a
strategic alliance that will allow acceptance of Discover and
Diners Club International (DCI) cards at Interswitch-enabled ATM
and point-of-sale (POS) terminals for purchases in Nigeria. It will
also allow Verve cardholders to have access to Discover, Diners
Club International and PULSE networks for international purchases
and cash access outside of Nigeria.
The long-term agreement, which will be implemented in phases,
will focus first on enabling about 20 million Verve cards on the
PULSE global ATM network, followed by acceptance opportunities for
Discover and Diners Club cards in Nigeria, and then the acceptance
of Verve cards across the Discover global network. The Discover
global network, which includes Diners Club, PULSE and other partner
networks, provides acceptance in more than 185 countries and
territories.
Discover and Interswitch also will collaborate on the
integration of Discover DPAS EMV solutions and fraud monitoring
solutions to ensure safe transactions across both networks. The
companies also plan to look at future opportunities for emerging
payment products in Nigeria and in other Interswitch markets.
"This alliance is significant to Discover’s strategy of creating
an alternative global payments network that gives both financial
institutions and consumers more choice,” said Diane Offereins, EVP
and President of Discover Payment Services. "By partnering with
regional payments networks such as Interswitch, Discover is able to
leverage its unique set of assets to grow volume, while providing
our partners with the global reach and localized preferences and
needs they require."
Discover has established network to network alliances across the
globe, including in China, Japan, Korea, Serbia and India. These
alliances provide valuable access to Discover's global acceptance
footprint and deliver value and volume to merchants and
partners.
“This alliance is another step in the right direction for Verve.
We continue to look for new opportunities to expand our payments
network, and our partnership with Discover is an example of that,”
said Charles Ifedi, CEO of Verve. "The new agreement with Discover
Financial Services provides our issuing members with new options
for ATM and POS access around the globe while also giving Verve
cardholders what they deserve, more convenience at home and
abroad.”
“This partnership is a major milestone in our 10-year history.
We will also leverage Discover’s suite of solutions to deliver
innovative card and electronic payment initiatives across various
sectors in the market,” said Mitchell Elegbe, Group MD/CEO,
Interswitch. “One of the objectives of the Central Bank of
Nigeria's Financial System Strategy 2020 (FSS 2020) is to advance
the efficiency of the country's e-payment systems by reducing the
reliance on cash and promoting interoperability among financial
institutions. The agreement between Discover and Interswitch will
contribute positively towards this vision.”
About Discover
Discover Financial Services (NYSE: DFS) is a direct banking and
payment services company with one of the most recognized brands in
U.S. financial services. Since its inception in 1986, the company
has become one of the largest card issuers in the United States.
The company operates the Discover card, America's cash rewards
pioneer, and offers home loans, private student loans, personal
loans, online savings accounts, certificates of deposit and money
market accounts through its direct banking business. Its payment
businesses consist of Discover Network, with millions of merchant
and cash access locations; PULSE, one of the nation's leading
ATM/debit networks; and Diners Club International, a global
payments network with acceptance in more than 185 countries and
territories. For more information, visit
www.discoverfinancial.com.
About Interswitch
Limited
Interswitch Limited is an integrated payment processing network
which provides technology integration, advisory services and
transaction processing and payment infrastructure to government,
banks and corporate organizations. Interswitch is the promoter of
the Verve payment brand and provides online, real-time transaction
switching that enable businesses and individuals have access to
their funds across the 21 banks in Nigeria and across a variety of
payment channels such as ATMS, POS terminals, Mobile Phones,
Kiosks, Web and Bank Branches and has operations in Nigeria and
throughout Sub-Saharan Africa. For more information, visit
www.interswitchng.com.
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