CNBCI, First Data Turns Merchant Acquiring Digital
- By CDOTrends editors
- December 26, 2018
Banks and e-commerce players are finally coming together to make commerce online and offline simpler with unified, digital solutions.
The latest is a new partnership deal between China CITIC Bank International Limited (CNCBI) and First Data that will also see the launch of a new range of merchant acquiring solutions, including point of sale terminals, e-commerce solutions and other value-added services in Hong Kong.
CNCBI customers are the main benefactors said the press release. They will have access to diverse payment acceptance methods in-store, on mobile devices and online. It allows them to create unique value propositions and campaigns and give their customers the freedom to choose how they want to pay.
The partnership and the launch of new digital solutions are responses by banks and e-commerce players to calls by merchants for better payments flexibility.
As the market turns consumer-centric and demands payment convenience and flexibility, merchants are hard pressed to support it in their backend where often in-store and e-commerce payments are handled separately. It becomes a huge problem when handling payments from e-wallets and mobile wallets that are growing fast.
The CNCBI-First Data partnership allows physical store merchants ti use First Data’s all-in-one point of sales terminals for all major payment types in Hong Kong while integrating with the company’s e-commerce solutions for mobile wallet, e-wallet and card payments.
The payments will be directly sent to the CNBCI Business Now account with a shorter settlement time, offering clients a single account to manage their entire business.
“Clients can manage their operating cash in a single account, enjoy preferential deposit interest rates and gain better visibility and control over their working capital,” said Ronald Iu, executive general manager, Assets & Liabilities and Customer Strategy, Personal and Business Banking, CNCBI.
CNBCI clients can also take advantage of First Data’s global scale to expand their operations by developing “collaborative solutions that leverage an integrated coverage model on the back of a consistent technology platform and standardized integration and processing across markets,” continued the press release.
“As First Data continues to invest in best-in-class technology, CNCBI clients will benefit from the flexible, robust and secure merchant solutions enabled by First Data in Hong Kong and as they expand their operations globally,” said Ivo Distelbrink, executive vice president and head of APAC, First Data.