RedSys, a merged entity between Spanish card
payments network processing operators Sermepa and Redes y Procesos,
has been born to allow both parties to compete in a Single Euro
Payment Area (SEPA) based European market.
RedSys will manage card transactions belonging
to Spain’s two largest payment systems, ServiRed and Sistema 4B. It
is predicted to process around 3,300 million transactions a year
from 60 million cards, 45,000 ATMs and one million point of sale
terminals owned by the banks belonging to the network.
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According to the companies involved, the
primary goal of this merger is to keep Spain in the best
competitive position to meet the challenges and take advantage of
the new scene of the SEPA,
According to the companies involved, due to
similar moves being made all over Europe, the primary goal of the
merger is to keep Spain in the best competitive position to meet
the challenges and take advantage of the new scene of the SEPA.
While both boards have agreed the merger, the
deal now needs to be ratified by shareholders at meetings later
this month and requires the approval of the National Competition
Commission.
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