This partnership is the first of its kind making it a leader in the international payment services industry
MONTREAL AND PARIS, April 5, 2013 /CNW Telbec/ - Desjardins Group (www.desjardins.com), the largest cooperative financial group in Canada, and Crédit Mutuel-CIC Group (www.creditmutuel.fr), a first-tier mutualist financial institution in Europe, have announced the creation of Monetico International (MI). Based in Montreal, the organization will offer innovative payment solutions for the merchant clients of both financial institutions.
Thanks to this collaboration, MI will count among the top 10 largest organizations specializing in payment solution services on a global scale, with more than 400,000 merchants and over 3.3 billion payment transactions annually.
MI will pool the expertise of these institutions to lay the foundation for an organization that will coordinate acquirer payment solutions over two continents, which will eventually expand worldwide. Each group will operate its respective acquirer payment solutions from a shared platform, and will jointly develop compliance solutions with international standards.
Together, Desjardins and Crédit Mutuel are fulfilling their vision of becoming a single, global acquirer, always striving to best meet the needs of their merchants, regardless of size. The Monetico brand will support this vision and international business development for both organizations.
"These new developments speak to our willingness to strengthen our business ties. Thanks to a partnership that we established few years ago, our merchants will benefit from the services offered on either side of the Atlantic. By taking a global approach, our expertise will gain in recognition," said Michel Lucas, President of Crédit Mutuel-CIC Group.
"Together with Monetico International, we will be able to better support our respective merchants worldwide. For Desjardins, this new service offer reflects our commitment to putting their needs first and allows us to better serve our numerous cooperative and mutualist partners. We're also able to suggest other innovative products that are user-friendly and adapted to their needs," said Monique F. Leroux, Chair of the Board, President and CEO of Desjardins Group.
This launch represents another achievement in the payment industry stemming from the partnership of the two organizations.
About Desjardins Group
Desjardins Group is the leading cooperative financial group in Canada with assets of nearly $200 billion. Drawing on the strength of its caisse network in Québec and Ontario and its subsidiaries across Canada, it offers a full range of financial products and services to its members and clients. Desjardins specializes in Wealth Management and Life and Health Insurance, in Property and Casualty Insurance, in Personal Services, in Business and Institutional Services. Best Corporate Citizen in Canada for 2012 and among Canada's Top 100 Employers, Desjardins is supported by the skills of its 44,942 employees and the commitment of 5,268 elected officers. An education and cooperation program is available to Desjardins members and the general public. For more information, visit www.desjardins.com/co-opme.
About Crédit Mutuel-CIC Group
With total assets of €500 billion (C$652 billion) as at December 31, 2012, Crédit Mutuel-CIC Group is a first-tier European bank, recognized for its financial strength and the quality of its ratios. Its 4,674 points of service and 65,900 employees foster close relationships with their 23.8 million clients in France and Europe. Retail banking is the core of its operations. The organization's mutualist approach, sizeable credit union network, move to develop bancassurance as early as the 1970s, scope of diversification activities (telephony, remote monitoring, etc.), and technological expertise have made it a leading European bank in the payment solutions sector. For more information, please visit www.creditmutuel.fr.
SOURCE: Desjardins Group
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On April 5
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