First Data Corporation and Profit Technologies merge for Asian financial market

July 18
4:56 AM 2013

Today, First Data Corporation and Profit Technologies announced that they would work together to give a better service for their clients in the Asian financial market. Simultaneously, they would provide resolutions like card pricing optimization, card scheme charging audits, more effectual card manufacture and the processing of particular statements. They wanted to boost profitability and decrease costs.

The new undertaking made by the companies would merge the strengths of two effective players in the international cards market. Profit techmologies was a company focused on enhancing international profits. On the other hand, First Data Corporation was a global frontrunner in electronic commerce and processing of payments. They would both offer an extensive range of financial services. The corporations that issue credit cards in countries like Australia, China, India, Indonesia and Philippines would benefit from the joint venture.

"The combination of First Data's trusted relationships with the consulting expertise of Profit Technologies will directly address two dimensions that financial institutions care deeply about -- increasing profitability and reducing costs," First Data's Asia Pacific region's  senior vice president and head, Marc Mathenz, said.

"The strengths of our two companies fit together perfectly," president and CEO of Profit Technologies, Russell Simmonds, stated. "We have worked with First Data's systems on a number of prior engagements and this agreement will deliver even more positive results to our customers."

© 2022 VCPOST, All rights reserved. Do not reproduce without permission.


Join the Conversation

Subscribe to VCpost newsletter

Sign up for our Deals of the Day newsletter.
We will not spam you!

Real Time Analytics