Wednesday, September 24, 2003

SiNSYS, the new kid on the block....

After a lot of preparation, today the official announcement is made that a joint venture is established between Banksys, Interpay and SSB. It's name is SiNSYS. I assume the name stands for synergy in systems, or something like that.

The joint-venture is headquartered in Brussels. Banksys and Interpay each hold a 24.5% interest, SSB holds 51%. SiNSYS will provide services for the processing of international debit and credit card transactions of its shareholders. Current annual volumes amount to 800 million transactions for 18 million cards and 500,000 merchants. These figures are expected to rise to approximately 1.5 billion transactions for 30 million cards and 800,000 merchants by 2007.