CT-Payment Inc., a company specializing in electronic payment processing, announces today that it acquired the Assure Pay Debit and Credit Card processing business from TELUS Corporation. This business unit offers custom payment solutions across a wide range of communication protocols. It supports transactions from all major credit cards, as well as private-label, travel & entertainment and fleet cards. The newly combined CT-Payment transactional volume will excess 110 million transactions annually, serving government's agencies, large merchants, telecommunication companies, service companies and retailers. The platform is also able to meet the payment processing needs of large oil companies.
"Barely one year after the purchase of the CGI Group payment solution, CT-Payment is thrilled to add to it the powerful switching capabilities of the newly acquired TELUS platform," explained Denis Savard, CEO of CT-Payment. "This acquisition is consistent with our strategy and makes us the largest third party payment processor with actual connections to all Canadian acquirers. Our integrated solution combined with our neutral stance towards acquirers makes it possible for our merchant-customers to switch acquirer without operational impacts. Merchants will use this capability to better negotiate the credit card processing rate - or merchant discount rate - charged to them."
CT-Payment will immediately interface its newly acquired platform to its current payment solution. To insure a trouble-free and smooth transition, TELUS and CT-Payment have entered into a set of managed service agreements, the first one ensuring a seamless transition for the application development, maintenance, support and client care functions. The second one will ensure the hosting, operations, and overall management of the IT infrastructure for a duration of 5 years. CT-Payment and TELUS will work closely together to maintain high quality services for all customers.
"Both CT-Payment and TELUS are committed to ensuring the integration is operationally seamless and transparent for our customers." said Keith Nugara, senior vice-president, TELUS Financial Services.
"CT-Payment is driven by a solid business model and shows a very favorable growth outlook. This new acquisition strengthens even more its product portfolio. In the highly competitive field of the new technologies, these are strong assets that make us confident about the company's future. With this investment and by bringing its expertise to the table, The Fund is proud to support CT-Payment management in their Canadian expansion" declared Gaetan Morin, Senior Vice-President Investments at The Solidarity Fund QFL.