First Data, a global payment processor and e-commerce firm, has unveiled its new electronic payment solution ‘Bin’ in Brazil, as part of its global expansion strategy.
Tailored for merchants, Bin has been launched in the Brazilian market by the agreement reached with Bancoob, the banking arm of Sicoob.
Under the terms of the deal, Bancoob will serve as the formal acquirer responsible for providing the card scheme licenses and managing settlement of payments to merchants.
In addition, Bin has already started its operations with MasterCard for credit, debit and installment payments, anticipation of credit receivables and other services.
In future, First Data will offer card acceptance with other card schemes, including Visa and Cabal.
First Data Brazil general manager Debbie Guerra said: "Our objective is for Bin to be recognized as an easy to use, flexible, secure and accessible electronic payment solution that helps small and medium businesses as well as large retailers and e-commerce companies, to grow.
"With Bin and its focus on electronic payments, First Data Brazil takes its first and most important step toward offering the next generation of an integrated point of sale and commerce solution for merchants."
Bin features an easy-to-use portal, a simplified financial reconciliation process and robust fraud monitoring, as well as transaction capture through EFT, POSEFT and e-commerce.
Realising that merchants usually need flexible payment options to meet their cash flow needs, the Bin solution also offers an array of programmed and on demand prepayment products and options.
In order to support the expected transaction volumes, the company is planning to establish local high-availability data centres, which will be equipped with advanced global security and fraud monitoring solutions.