Editorial & Advertiser Disclosure Global Banking And Finance Review is an independent publisher which offers News, information, Analysis, Opinion, Press Releases, Reviews, Research reports covering various economies, industries, products, services and companies. The content available on globalbankingandfinance.com is sourced by a mixture of different methods which is not limited to content produced and supplied by various staff writers, journalists, freelancers, individuals, organizations, companies, PR agencies Sponsored Posts etc. The information available on this website is purely for educational and informational purposes only. We cannot guarantee the accuracy or applicability of any of the information provided at globalbankingandfinance.com with respect to your individual or personal circumstances. Please seek professional advice from a qualified professional before making any financial decisions. Globalbankingandfinance.com also links to various third party websites and we cannot guarantee the accuracy or applicability of the information provided by third party websites. Links from various articles on our site to third party websites are a mixture of non-sponsored links and sponsored links. Only a very small fraction of the links which point to external websites are affiliate links. Some of the links which you may click on our website may link to various products and services from our partners who may compensate us if you buy a service or product or fill a form or install an app. This will not incur additional cost to you. A very few articles on our website are sponsored posts or paid advertorials. These are marked as sponsored posts at the bottom of each post. For avoidance of any doubts and to make it easier for you to differentiate sponsored or non-sponsored articles or links, you may consider all articles on our site or all links to external websites as sponsored . Please note that some of the services or products which we talk about carry a high level of risk and may not be suitable for everyone. These may be complex services or products and we request the readers to consider this purely from an educational standpoint. The information provided on this website is general in nature. Global Banking & Finance Review expressly disclaims any liability without any limitation which may arise directly or indirectly from the use of such information.

SIX PAYMENT SERVICES PURCHASING GIROCARD NETWORK OPERATIONS FROM VÖB-ZVD PROCESSING GMBH

SIX Payment Services is buying the Frankfurt-based girocard network operations business from VÖB-ZVD Processing GmbH, a subsidiary of Deutsche Post bank AG. The agreement concluded today provides for the customer relationships, employees and assets of the Frankfurt-based network operations business being transferred in full to SIX Payment Services as part of the acquisition. The parties agreed not to disclose the acquisition price. Implementation of the agreement is dependent on supervisory approvals. The aim is to complete the acquisition in the third quarter of 2017. 

The acquisition of the Frankfurt-based girocard network operations business gives SIX the opportunity to create a new basis for its longstanding partnership with VÖB-ZVD Processing and to provide a complete range of services to the German market over the longterm. As an acquiring partner of VÖB-ZVD Processing, SIX already ensures efficient and secure transaction procedures for credit card payments. Infuture, VÖB-ZVD Processing customers will benefit directly from the innovative solutions offered by SIX across the entire value chain of cashless payment transactions.

Jürg Weber, Division CEO SIX Payment Services, comments:”Germany is a key market for SIX Payment Services. Our acquisition of the girocard network operations from VÖB-ZVD Processing represents a nide alway to close a gap in the services offering from SIX Payment Services.

Completing our portfolio of services in this way will help us to acquire new customers and to provide an even better service to existing customers. This deal lays the foundations for sustained growth in the German market.”

Nothing will change for the time being as far as the customers of VÖB-ZVD Processing’s girocard network operations, which are based in Frankfurt, are concerned. There will be no change to either services or contact partners.

Hermann Beckers, spokesperson for the executive board of VÖB-ZVD Processing GmbH:”The sale of Frankfurt based VÖB-ZVD Processing’s network operations is another sensible move toward focusing on our core business. We are pleased to have found a reliable partner in SIX for our VÖB-ZVD Processing customers, who plans to push ahead with our business model of commercial network operators and who already cooperates successfully with many customers in the field of creditcard acceptance.”