Payments General

First Data acquires remaining equity stake in OmniPay from FEXCO

Tuesday 1 May 2012 | 01:56 PM CET

US-based electronic commerce and payment processing company First Data has entered an agreement with FEXCO, an Irish provider of financial transaction processing, foreign exchange and outsourcing services, to acquire the remaining equity stake in OmniPay, a provider of card and electronic payment processing services to merchant acquiring banks.

First Data has had an equity investment in OmniPay since 2002 and took a majority equity interest in the company in August 2006.

Under the agreement, existing FEXCO partners as well as new ones are set to gain access to the OmniPay platform. Additionally, FEXCO is set to continue as First Data’s main supplier of dynamic currency conversion (DCC) processing services.

In recent news, US-based payment integration software services provider AJB Software Design has selected First Data for its Dynamic Currency Conversion (DCC) service to allow retailers worldwide to process international payments.

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