First Data Corporation, a global leader in electronic commerce and payment processing, and Fexco, a specialist provider of Financial Transaction Processing, Foreign Exchange and Outsourcing Services, today 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 percent.
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 utilise the OmniPay platform will continue to enjoy uninterrupted access to it. New partners of FEXCO who wish to use OmniPay will also have access to this award-winning 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 (DCC) processing solutions.
"First Data's decision to acquire the remaining 30 percent 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," commented John Elkins, President of First Data's International Regions. "First Data looks forward to deepening its business relationship with FEXCO in DCC and related services. This transaction allows First Data to follow its strategic objective of bringing the OmniPay platform into its technology portfolio."
"This agreement, which allows FEXCO to realise its investment in OmniPay is a win-win situation for all parties," commented Dermot O'Shea, Executive Director of FEXCO. "Under this agreement, FEXCO's global banking partners will continue to enjoy uninterrupted access to this market-leading platform. At the same time, FEXCO will continue to focus on innovative payment products alongside our core, fully-managed DCC service. The signing of a long-term agreement for the provision of DCC to First Data and its customers strengthens our 12-year relationship and puts FEXCO in an even stronger position to offer our DCC services within the First Data portfolio and beyond."