Equifax yesterday announced that its transaction card processing operation in Brazil, Equifax Unnisa, has signed a contract with Fininvest, one of South America’s largest card issuers, to provide processing for its 2.9 million VISA, MasterCard and private label card accounts.
Equifax Unnisa, under this contract, will provide full service processing for Fininvest’s existing 400,000 card VISA program that will include card activation, customer service and transaction processing. In addition, this new umbrella contract provides for the conversion of Fininvest’s 2.5 million private label card base. The conversion of Fininvest’s cards to Equifax Unnisa is expected to be completed in 1999. Further, the contract allows Fininvest the capability to move its 1.2 million “Especial” card portfolio to Equifax Unnisa’s platform.
Lee A. Kennedy, Equifax executive vice president, Payment Services, said, “This exciting opportunity again confirms the recognition of our broad range of service capabilities by companies at the highest levels of world excellence. We are most confident that our unique, differentiating capabilities will continue to result in new processing contracts with world class Brazilian and multi-national companies in the Latin American market. With the addition of Fininvest and the recent contract with GE Capital, Equifax Unnisa is now the largest third party card processor in Brazil.”
Edson Bacha, president of Equifax Unnisa, said, “There are tremendous benefits for both companies from this association to further expand Fininvest’s significant card bases. Equifax Unnisa’s services will be employed to support Fininvest’s growth strategy by enabling it to focus on its core business — consumer credit.”
Jose R. M. Tosi, president of Fininvest, stated that the choice of Equifax Unnisa “was due to their technological and operational capacity to support the growth rate foreseen by Fininvest for the next five years. Fininvest intends to expand its clients base to over 20 million Brazilians, especially among those that have just started to get access to credit.”
Once these cards are converted, Equifax will be managing almost six million cards in Brazil, more than double the 2.5 million cards which Unnisa was processing when Equifax acquired its 59% interest in September 1998.
Fininvest is a financing company with total assets of US$ 1.0 billion and headquarters in Rio de Janeiro. Fininvest provides various personal, installment and term loan products to consumers. Fininvest showed significant revenue growth in the last two years with its assets increasing by 400%.
Equifax ([http://www.equifax.com] ), a worldwide leader in shaping global commerce, brings buyers and sellers together through its information management, transaction processing and knowledge-based businesses. Atlanta-based Equifax serves the financial services, retail, credit card, telecommunications/utilities, transportation, information technology and healthcare industries and government. Equifax adds knowledge, expertise, convenience and security to provide value-added solutions and processes for its customers wherever they do business, including the Internet and other networks. Entering its second century in business, Equifax employs about 13,000 associates in 18 countries with sales in almost 50 and has nearly $1.7 billion in revenue.