Evertec, Santander to open Chilean merchant acquiring market
Puerto Rico tech company expands its business solutions footprint
SAN JUAN — Puerto Rico-based payment processor Evertec has announced an agreement with Banco Santander Chile under it will provide acquiring processing services as well as other solutions for the bank, which is entering the merchant acquiring business in the South American country.
Under the agreement, Evertec said it will provide Santander, the largest bank in Chile, a cloud-based solution that includes the switching and authorization of transactions; the acquiring platform to manage the merchant business; “omni-channel solutions, including e-Commerce offerings as well as Mobile Commerce”; and security and fraud management and solutions.
“With Evertec’s credentials as a leading regional payment processing company, Santander will leverage our robust client base to achieve our strategic objective of increasing the coverage, depth and security of the payment methods in Chile, both face-to-face as well as in e-commerce. As a result of this initiative, Santander will accelerate the transformation of the payments market in Chile allowing any entrepreneur, merchant or business owner to have their own point-of-sale (POS) device to accept card payments in a more secure manner,” Banco Santander Chile’s general manager, Miguel Mata, said in the announcing release.
Evertec manages payment networks that process more than two billion transactions annually and offers bank and cash processing services as well as technology outsourcing. The company owns and operates ATH, a leading personal identification number (PIN) debit network in Latin America network. The company operates in 26 Latin American countries.
“This confirms our strategy of localizing our platform for key markets such as Chile, as well as the transition of our license products to processing products,” Mac Schuessler, president and CEO of Evertec said in release. “As a processor with local capabilities, we believe we are well-positioned to meaningfully benefit as the market grows.”