Global payments provider Elavon and Banco Santander have closed a deal on a joint venture (JV) to provide merchant services in Spain. The venture was originally announced and proposed for regulatory approval in October 2012.
The JV will assume responsibility for Santander’s existing merchant customers, by providing service and support for commerce, as well as customer solutions.
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The venture will combine Santander’s brand with Elavon’s international processing platform and IP gateway.
The company claims its global acquiring solution provides end-to-end payment processing services to more than one million merchants across several markets, including credit and debit card processing, electronic check services, gift cards, dynamic currency conversion, multi-currency support, and cross-border acquiring.
The initiative will be lead by executive officer Juan Golmayo, former gm at leading Spanish card issuer Iberia Cards.
"From providing global accounts with a single source provider across their portfolio, to addressing the needs of small business customers, this JV leverages the best that both Santander and Elavon offer," said Simon Haslam, President of International Markets for Elavon.
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By GlobalDataThe new JV is an extension of a 2003 agreement where US Bancorp subsidiary, Elavon and the international financial institution, Santander launched foreign currency payment services for Spanish retailers.
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