Since 2002, First Data had an equity investment in OmniPay and acquired a majority equity interest in the company in August 2006.
FEXCO will remain as First Data’s preferred supplier of dynamic currency conversion (DCC) processing solutions as per the long-term agreement signed by both the firms.
First Data president of international regions John Elkins said that the OmniPay platform will be key to supporting the company’s alliances and other strategic business units.
"This transaction allows First Data to follow its strategic objective of bringing the OmniPay platform into its technology portfolio," Elkins said.
FEXCO executive director Dermot O’Shea said that under this agreement, the company’s global banking partners will continue to enjoy uninterrupted access to this platform.
"At the same time, FEXCO will continue to focus on innovative payment products alongside our core, fully-managed DCC service," O’Shea said.
