February 20, 2009 - 1:17am
According to the recent report posted by MasterCard the credit card network increased its stake in the Joint venture Strategic Payments Services Pty Ltd (SPS) to 52.5% which makes the company a major shareholder in the JV. Bendigo and Adelaide Bank Ltd will remain a key partner in the JV, retaining its existing shareholding, with Customers Ltd set to become a minority shareholder.
“The SPS joint venture enables us to readily respond to our clients’ broader payment needs, offering market-leading technologies and locally relevant solutions. Processing is a major pillar of MasterCard’s strategy in establishing leadership and delivering real business value to our clients and merchant partners. As our clients seek to drive operational efficiencies and deliver innovative products to their clients, MasterCard will be able to support them with processing capabilities spanning multiple channels and product types. While we continue to develop technologies in-house, joint ventures and acquisitions have also become key to our global strategy for expansion, allowing us to harness new revenue streams and increase our speed-to-market, while maintaining cost efficiencies,” said Shuan Ghaidan, Group Head Customer Delivery, APMEA, MasterCard Worldwide.
Headquarters of the SPS will remain in Sydney and the JV will be woking closely with MasterCard’s APMEA team on delivering and supporting regional processing solutions for financial institutions, merchants and other processors.
“The SPS joint venture enables us to readily respond to our clients’ broader payment needs, offering market-leading technologies and locally relevant solutions. Processing is a major pillar of MasterCard’s strategy in establishing leadership and delivering real business value to our clients and merchant partners. As our clients seek to drive operational efficiencies and deliver innovative products to their clients, MasterCard will be able to support them with processing capabilities spanning multiple channels and product types. While we continue to develop technologies in-house, joint ventures and acquisitions have also become key to our global strategy for expansion, allowing us to harness new revenue streams and increase our speed-to-market, while maintaining cost efficiencies,” said Shuan Ghaidan, Group Head Customer Delivery, APMEA, MasterCard Worldwide.
Headquarters of the SPS will remain in Sydney and the JV will be woking closely with MasterCard’s APMEA team on delivering and supporting regional processing solutions for financial institutions, merchants and other processors.