Agreement will boost transaction volume on the Discover, Diners Club
International and PULSE networks and acceptance of Verve Cards across
the Discover global network
RIVERWOODS, Ill. & LAGOS, Nigeria--(BUSINESS WIRE)--Mar. 12, 2013--
Discover Financial Services (DFS) and Interswitch Limited, the largest
integrated payment processing service provider in Nigeria and promoter
of the leading card network, Verve, today announced a strategic alliance
that will allow acceptance of Discover and Diners Club International
(DCI) cards at Interswitch-enabled ATM and point-of-sale (POS) terminals
for purchases in Nigeria. It will also allow Verve cardholders to have
access to Discover, Diners Club International and PULSE networks for
international purchases and cash access outside of Nigeria.
The long-term agreement, which will be implemented in phases, will focus
first on enabling about 20 million Verve cards on the PULSE global ATM
network, followed by acceptance opportunities for Discover and Diners
Club cards in Nigeria, and then the acceptance of Verve cards across the
Discover global network. The Discover global network, which includes
Diners Club, PULSE and other partner networks, provides acceptance in
more than 185 countries and territories.
Discover and Interswitch also will collaborate on the integration of
Discover DPAS EMV solutions and fraud monitoring solutions to ensure
safe transactions across both networks. The companies also plan to look
at future opportunities for emerging payment products in Nigeria and in
other Interswitch markets.
"This alliance is significant to Discover’s strategy of creating an
alternative global payments network that gives both financial
institutions and consumers more choice,” said Diane Offereins, EVP and
President of Discover Payment Services. "By partnering with regional
payments networks such as Interswitch, Discover is able to leverage its
unique set of assets to grow volume, while providing our partners with
the global reach and localized preferences and needs they require."
Discover has established network to network alliances across the globe,
including in China, Japan, Korea, Serbia and India. These alliances
provide valuable access to Discover's global acceptance footprint and
deliver value and volume to merchants and partners.
“This alliance is another step in the right direction for Verve. We
continue to look for new opportunities to expand our payments network,
and our partnership with Discover is an example of that,” said Charles
Ifedi, CEO of Verve. "The new agreement with Discover Financial Services
provides our issuing members with new options for ATM and POS access
around the globe while also giving Verve cardholders what they deserve,
more convenience at home and abroad.”
“This partnership is a major milestone in our 10-year history. We will
also leverage Discover’s suite of solutions to deliver innovative card
and electronic payment initiatives across various sectors in the
market,” said Mitchell Elegbe, Group MD/CEO, Interswitch. “One of the
objectives of the Central Bank of Nigeria's Financial System Strategy
2020 (FSS 2020) is to advance the efficiency of the country's e-payment
systems by reducing the reliance on cash and promoting interoperability
among financial institutions. The agreement between Discover and
Interswitch will contribute positively towards this vision.”
About Discover
Discover Financial Services (NYSE: DFS) is a direct banking and payment
services company with one of the most recognized brands in U.S.
financial services. Since its inception in 1986, the company has become
one of the largest card issuers in the United States. The company
operates the Discover card, America's cash rewards pioneer, and offers
home loans, private student loans, personal loans, online savings
accounts, certificates of deposit and money market accounts through its
direct banking business. Its payment businesses consist of Discover
Network, with millions of merchant and cash access locations; PULSE, one
of the nation's leading ATM/debit networks; and Diners Club
International, a global payments network with acceptance in more than
185 countries and territories. For more information, visit www.discoverfinancial.com.
About Interswitch Limited
Interswitch Limited is an integrated payment processing network which
provides technology integration, advisory services and transaction
processing and payment infrastructure to government, banks and corporate
organizations. Interswitch is the promoter of the Verve payment brand
and provides online, real-time transaction switching that enable
businesses and individuals have access to their funds across the 21
banks in Nigeria and across a variety of payment channels such as ATMS,
POS terminals, Mobile Phones, Kiosks, Web and Bank Branches and has
operations in Nigeria and throughout Sub-Saharan Africa. For more
information, visit www.interswitchng.com.
Source: Discover Financial Services
Media Contacts:
Discover Financial Services
Laura
Gingiss, 224-405-0185
lauragingiss@discover.com
or
Interswitch
Limited
Enyioma Anaba, 234-704-030-3085
eanaba@interswitchng.com