Fiserv will enable union Pay, one of the world’s largest payment networks, to expand issuance and streamline union Pay card acceptance for businesses worldwide via the Carat omnichannel commerce platform
BROOKFIELD, Wis. -- (BUSINESS WIRE) --
Fiserv, Inc. (NASDAQ: FISV), a leading global provider of payments and financial services technology solutions, today announced the expansion of its relationship with union Pay International, a wholly owned subsidiary of China union Pay, one of the world’s largest payment networks. The collaboration will allow union Pay to grow on a global scale by facilitating the issuance of virtual and physical union Pay cards across international markets. Additionally, union Pay will leverage the footprint and global capabilities of Fiserv to enable more businesses outside of Mainland China to accept union Pay cards.
“Cooperation with Fiserv is an important step for union Pay International to innovate its business development model and build a global network and an international brand,” said Li Xiaofeng, CEO of union Pay International. “With Fiserv technology, union Pay has improved its service capabilities for partners outside the Chinese mainland, which will help to further optimize online and in-store acceptance, accelerate business localization, and improve planning for businesses around the world. Going forward, union Pay and Fiserv will deepen our cooperation in card issuance and global acceptance, and strengthen communication with major organizations that have been enabled on Fiserv platforms in order to facilitate business growth.”
To simplify how businesses and consumers conduct commerce, the two companies will:
- Expand union Pay Card Issuing Globally – To support its globalization strategy, union Pay will leverage established and trusted Fiserv card issuing platforms in multiple markets. Working with a single provider across strategic markets will help union Pay realize operational efficiencies, gain a unified view of their business, and give more consumers outside of Mainland China access to union Pay virtual and physical cards.
- Enable union Pay Acceptance via Carat from Fiserv – An integration with the Carat omnichannel commerce platform from Fiserv will streamline acceptance of union Pay Cards by enterprise businesses worldwide. These businesses will be able to accept union Pay cards for online purchases, facilitating global commerce. Through a simple API, businesses using Carat can support settlement of union Pay transactions, consolidate global reporting and reconciliation within a single merchant account, and deliver cost efficiencies via payments optimization and chargeback management.
“Commerce is global, and payment choice regardless of location or geography is pivotal for a positive customer experience,” said Suzan Kereere, head of Global Business Solutions at Fiserv. “Our expanded relationship with union Pay will allow more of our merchant clients to accept union Pay Cards across their global footprint, broadening choice in how their consumers pay for goods, simplifying payments acceptance, and accelerating growth.”
As both the largest issuer processer and merchant acquirer in the world, Fiserv offers a unique proposition. With a global footprint, Fiserv allows businesses like union Pay to expand quickly and scale, leveraging innovation-focused global payments technology combined with local payment capabilities and expertise across key geographies.
In a world moving faster than ever before, Fiserv helps clients deliver solutions in step with the way people live and work today – financial services at the speed of life. Learn more at https://www.fiserv.com/en-ap.html.
About union Pay International
union Pay International (UPI) is a subsidiary of China union Pay focused on the growth and support of union Pay's global business. In partnership with more than 2500 institutions worldwide, union Pay International has enabled card acceptance in 180 countries and regions with issuance in more than 70 countries and regions. union Pay International provides high quality, cost effective and secure cross-border payment services to the world's largest cardholder base and ensures convenient local services to a growing number of global union Pay cardholders and merchants.
For more information about union Pay International, please visit www.union payintl.com, like “union Pay International” on Facebook, follow “@union pay_intl” on Twitter.
About Fiserv
Fiserv, Inc. (NASDAQ: FISV) aspires to move money and information in a way that moves the world. As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover® cloud-based point-of-sale and business management platform. Fiserv is a member of the S&P 500® Index and the FORTUNE® 500, and has been recognized as one of FORTUNE World’s Most Admired Companies® for 11 of the past 14 years. Visit fiserv.com and follow on social media for more information and the latest company news.
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CONTACT:
Fiserv Media Relations:
Mariana Tello
External Communications Manager
Fiserv, Inc.
mariana.tello@fiserv.com
+1 262-693-4599
union Pay Media Relations:
union Pay International
UPIPR@union payintl.com
