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Desjardins, Crédit Mutuel-CIC establish international payment company

Canada’s cooperative financial firm Desjardins Group and banking firm Crédit Mutuel-CIC Group have set up their new joint venture (JV) Monetico International (MI), to offer modern payment solutions to merchant clients of both companies.

Based in Montreal, the new organization will serve over 400,000 merchants and more than 3.3 billion payment transactions annually.

Leveraging expertise of its parents’ organizations, MI will lay the foundation for coordinated acquirer payment solutions across two continents, which will ultimately expand globally.

Jointly creating technologies as per the global standards, each group will operate its respective acquirer payment solutions from a shared platform.

Desjardins Group chair of the board, president and CEO Monique Leroux said the partnership will also help to suggest other innovative products that are user-friendly and adapted to their needs.

With almost $200bn in assets, Desjardins Group delivers an array of financial products and services to its members and clients.

Crédit Mutuel-CIC Group, which focuses on retail banking services has 23.8 million clients in France and Europe as well as €500bn (C$652bn) in total assets as at 31 December 2012.