Netherlands-based SNS Bank has signed a five year contract with US e-payments firm EFD - formerly known as eFunds - for the supply of EMV credit card issuing services.
SNS says the introduction of the single euro payments area (Sepa) prompted it to outsource credit card processing to eFunds. The bank expects the move will help it to cut costs and grow its share of the credit card market.
Richard van Rooij, head of product management, payment division, SNS Bank says: "With the decision to work with EFD, SNS Bank wants to achieve much greater flexibility in product and business development in the card area, based on both pan-European and global standards and infrastructures."
Shailesh Kotwal, president, EFD International, says Sepa is "an important catalyst for expanding its processing businesses in Europe".
Arizona-based eFunds agreed in June to be acquired by Fidelity National Information Services for about $1.8 billion.