Stanchart forms JV to align merchant sales
SINGAPORE--Standard Chartered Bank has agreed to form a joint venture with e-commerce payment solutions provider First Data to provide services to its merchant clients in Asia.
According to a joint statement Friday by Standard Chartered and First Data, the new company, Merchant Solutions, is expected to begin operations by the end of 2007, serving Standard Chartered clientele in Bangladesh, Brunei, Hong Kong, India, Macau, Singapore and Sri Lanka.
In a telephone interview with ZDNet Asia, Nigel Lee, president of First Data International Asia, said that with the formation of Merchant Solutions, First Data would work with Standard Chartered to ensure a uniform merchant acquiring and processing platform across the seven markets. This involves incorporating the bank's capabilities and expertise in local markets into First Data's OmniPay platform, which among others, has the ability to perform dual-currency conversions.
The ability to transfer all different solutions and components from various markets into one standard platform is "a huge advantage", as it will also make it easier and more efficient for the bank to enter new sales markets, Lee explained.
The deal, Lee noted, is distinct from First Data's tie-up with DBS Bank in July 2005, which related to outsourced services for credit and debit card issuing and processing.