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Evertec to enter Chilean payments market through agreement with Banco Santander Chile

Evertec Inc. announced the signing of an agreement with Banco Santander Chile under which the Puerto Rican firm will provide acquiring processing services as well as other solutions and regional expertise as Banco Santander enters the merchant acquiring business in Chile.

“We’re extremely pleased to provide our products and services to Banco Santander, the first bank to announce plans to open the Chilean payments market,” said Evertec CEO Mac Schuessler.

Under this agreement, Evertec will provide Banco Santander a “complete, secure and efficient cloud-based solution” that includes:

  • The switching and authorization of transactions;
  • Acquiring platform for the administration of the merchant business;
  • Omni-channel solutions, including e-Commerce offerings as well as Mobile Commerce; and,
  • Security and fraud management and solutions.

“We’re confident that our platform and services, together with our team of experts in the processing and acquiring business, will drive innovation and accelerate market growth as market participants look for alternatives,” Schuessler.

“This confirms our strategy of localizing our platform for key markets such as Chile, as well as the transition of our license products to processing products. As a processor with local capabilities, we believe we are well-positioned to meaningfully benefit as the market grows, he added.

Meanwhile, Miguel Mata, general manager for Banco Santander Chile, said “With Evertec’s credentials as a leading regional payment processing company, Santander will leverage our robust client base to achieve our strategic objective of increasing the coverage, depth and security of the payment methods in Chile, both face-to-face as well as in e-commerce.”

As a result of this initiative, Santander will accelerate the transformation of the payments market in Chile allowing any entrepreneur, merchant or business owner to have their own point-of-sale device to accept card payments in a more secure manner, Mata said.

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This story was written by our staff based on a press release.

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