Thursday, January 20, 2022

Evertec: We Are Far from Being a Monopoly

By on January 26, 2016

SAN JUAN – During a Puerto Rico Senate hearing on Tuesday, an executive of Evertec, a transaction processing firm based in San Juan, denied the company has a monopoly on the island’s electronic commercial network.

The remarks were made as part of the first senatorial hearing carried out after Evertec’s debit network, called ATH, went down Jan. 9 for two hours. The outage, and subsequent silence from company representatives as to the cause, partly prompted the Senate probe.

“We have always been part of a competitive environment that has included international giants such as Visa, Mastercard and American Express,” said Carlos Ramírez, Evertec’s executive vice president of business solutions. “Their continuous growth and participation in the local market discards any allegation about the control that the ATH could have on the market. We are very far from being a monopoly.”

Ramírez went on to mention other competitors in the segment of electronic transactions and payment processing, among them Softek, Paytech, FIS, Fiserv, FirstData, TSYS, Dynamics Payments and Elavon.

Popular Democratic Party (PDP) Sen. Luis Daniel Rivera Filomeno, who chairs the Senate Consumer Affairs Committee, questioned the apparent lack of transparency shown by the company in the days following the outage, particularly when it came to ATH cardholders.

In response, Evertec’s Ramírez said the company quickly got in touch with issuing and account-holding banks, which it considers its true customers. “Cardholders are clients of each issuing bank,” he said. Ramírez added that banks should share some of the responsibility in informing cardholders in the event of a similar outage.

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