Visa Acquirer-Best-Practices Brochure-ENG

Insights for the Acquiring Business

in Latin America and the Caribbean

2013

2

The recommendations provided by Visa are based on the best practices developed by

Visa over time. However, the implementation of any recommendation falls under your

responsibility. Accordingly, we suggest that the same be assessed by your business

area and legal counsel prior to such implementation. Visa offers no guarantee in

regard to its recommendations, nor does Visa or any of its affiliates assume or hold

any liability for your actions, errors or omissions or for the decisions you make with

respect to any information furnished by Visa or its service providers pursuant to the

provisions of this document. Consequently, Visa and its affiliates will not be held liable

for any damage or loss that your entity or a third party may sustain by implementing

these recommendations.

1

Table of Content

Card Market Landscape 3

Card Acceptance in LAC 6

The Merchant Life Cycle 9

Profitability 13

Top 10 Projects of Visa Consulting LAC 21

How can Visa help? 22

Visa and Visa Consulting LAC 22

TABLE OF CONTENT 1

3

Card Market Landscape

Cash payments continue to be the main means of payment in Latin America

and the Caribbean (LAC), with approximately 60% penetration in PCE (Private

Consumption Expenditures) (Euromonitor Estimate for 2012 – Credit and Debit

Cards). However, the amount of card payments has increased dramatically.

Spending (in USD) increased by 24% on an annual basis during the years 2005 through 2010, making this

region the world’s fastest growing.

The scenario continues to be positive, with the prospect of at least 15% growth driven by an emerging middle

class and the growing trend toward banking present in these markets (Figure 1).

CArD MArkET LANDSCAPE

Source: Euromonitor report (“Assessing the Payment Landscape in Latin America”; September 2011)

FIgure 1

Banking penetration trend of population over 15 years old

200220%

30%

40%

50%

60%

70%

80%

90%

2004 2006 2008 2010

BrazilChile

Argentina

Venezuela

Colombia

Mexico

% o

f 15+

pop

ulat

ion

4

Significantly, the countries that have attained higher penetration rates (Brazil, Argentina and Chile) have also

made more progress in the card market. This is indicated by penetration in private consumption expenditure,

which, in each case, exceeds 20% (figure 2).

Besides the banking trend, another key factor, is the number of merchants that accept this type of payment.

The expansion of merchant coverage and the management of this activity are developed by acquirers, which

in LAC can be card-issuing banks and/or independent acquirers such as Visanet in Guatemala, Peru, Uruguay

and Dominican republic, or Cielo and rede in Brazil.

Irrespective of the corporate structure or purpose of these institutions, three key factors affect the acquiring

business by shaping the challenges and opportunities in the region:


9%MexiCo

9%CoLoMbia

12%PUeRTo

RiCo

11%PeRU

22%aRGeNTiNa

16%VeNeZUeLa

26%CHiLe

25%bRaZiL

Source: Euromonitor Merchant Segment Study Estimate for 2012 – Credit and Debit Cards

FIgure 2

Card Spending PCe penetration

Banks’ involvement in acquiring business

Profitability Informal economy

Issuing banks, like independent acquirers, exert a strong influence in the business and there is a considerable effort to align strategies and priorities.

In some markets there is a perception that the acquiring business isn’t sufficiently profitable to justify a greater investment or the prioritization of resources.

Many merchants lack the necessary business documents and bank relationships.

1 2 3

5

These market dynamics have restricted, to varying degrees, the number of member merchants. Therefore,

when compared to developed markets, access to card-accepting merchants is relatively limited in the region

(see Figure 3).

This document illustrates some of the best practices, recommendations, profitability challenges and other

insights generated over our years of cooperation with acquirers in the region.

Given this framework, Visa Consulting has developed a suite of solutions in order to identify business

opportunities and promote greater card acceptance in the region. This effort is a part of Visa’s global acceptance

strategy, by means of which it supports acquirers in increasing POS penetration worldwide. (Figure 4).

Acceptance penetration

HIgHLOW


Source: Euromonitor 2012

FIgure 3

Number of POS per 100,000 inhabitants

Source: Visa Inc., World Fact Book, Global Insight

FIgure 4

POS Penetration

1,963

BrAZIL

819

CHILe

391

COLOMBIA

1,005

VeNeZueLA

488

MeXICO

2,175 2,514

CANADA uS

2,475

FrANCe

2,115

uK

3,308

SPAINPOrtugAL

2,644

6

Card acceptance in LaC

Despite varying perceptions regarding the degree of card acceptance in the region,

there is a consensus that the number of card-accepting merchants in LAC can be

expanded. This holds true even in Brazil, where the acquiring business has settled

in a more favorable environment.

An example of this is evidenced by the a simple merchant category anaylsis. Generally, acquirers use merchant

category segmentation and are eager to analyze their opportunities from that perspective. It is indeed one of

the most basic analyses that can be made, and yet many acquirers do not perform comprehensive studies from

this perspective.

The supermarket sector offers a good example. In the United States, 73% of supermarket consumer purchases

are made with cards, while in LAC the best case is Brazil with 56%. Others, like Colombia, show figures as low

as 11% (Figure 6).

CArD ACCEPTANCE IN LAC

Source: Euromonitor Merchant Segment Study Estimate for 2012.

FIgure 6

Card penetration in supermarket spending

ArgeNtINA

29%

V e N e Z u e L A

24%

MeXICO

11%

COLOMBIA

11%

73%uS

56%BrAZIL

27%

PuertOrICO

33%

Peru

32%

CHILe

7

Two factors account for this effect. The first (which is nearly always taken into account) is that many

supermarkets in the LAC region still don’t accept cards. Therefore, efforts to include new member merchants

are continuously discussed and prioritized.

The second factor, which in many cases is disregarded because it is difficult to quantify, is the degree of

penetration among merchants that already accept cards.

Although some merchants are already members, many consumers prefer to pay in cash. Some studies suggest

that, to a greater or lesser extent, this is due to the fact that restricted acceptance leads customers to use

more cash and checks in their daily life. This becomes a habit, and consequently the consumer uses his or her

card less, even with merchants that already accept this means of payment (Figure 7).

Apart from the traditional perspective of considering the additional acquired volume generated by a new

member merchant, some acquirers are adopting the concept of “spill-over”: If acceptance increases, the

volume generated by current member merchants will also increase.

Despite the fact that this new approach has become more widespread, accounting for larger investments

aimed at increasing acceptance, various traditional initiatives can be employed to ensure efficiency, improve

service and support acquiring business profitability in the region.

CArD ACCEPTANCE IN LAC

Source: Visa Quarterly report 2012

FIgure 7

transactions per credit card per year

0000 0000 0000

0000 0000 0000

0000 0000 0000

0000 0000 0000

0000 0000 000024

BrASIL

0000 0000 000023

VeNeZueLA

0000 0000 000028

ArgeNtINA

0000 0000 000039

PuertOrICO

Peru

7

CHILe

17

MeXICO

10

COLOMBIA

9

9

0. Planning

These are the processes responsible for defining merchant categories, types of merchants,

value proposition, pricing, channels and other factors that will serve as a platform for business

expansion.

Certainly there is room for improvement in this field, mainly when it comes to the execution of

such strategy.

Generally, average-to-good planning levels have been found, but acquirers have faced many

challenges in order to implement the predefined strategy.

This is exemplified by the frequent lack of monitoring of acquired volumes at a merchant level.

Even though prices are established according to discount tables based on expected volumes, few

acquirers confirm whether their expectations have been met.

The Merchant Life CycleVisa has traditionally supported banks throughout the LAC region with best practices over the life cycle of

the issuing business. This initiative has been very successful, bringing forth many benefits in regard to new-

customer acquisition, activation, usage and cardholder retention.

Based on this experience, Visa Consulting LAC has developed a model for the

acquiring business. From the acquirer’s perspective, the life cycle of a merchant,

has been established as follows:

THE MErCHANT LIFE CyCLE

0. Planning 1. Affiliation 2. Activation 3. use 4. retention

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1. Affiliation

This involves merchant prospecting, negotiation and qualification processes for card acceptance.

Once again, there are some affiliation strategies that aren’t fully beneficial for the merchant from the

standpoint of their overall impact on the system.

In some cases, many acquirers don’t have a list of target merchants defined according to the business

potential to serve as a roadmap for sales force efforts. In other cases they merely use the information

of their issuing business to identify the merchants their customers use more frequently and then

target them with affiliation proposals.

This latter approach generates little or no new acceptance, however, because the competition

remains limited to the same member merchants. Thus, there is great pressure on business conditions

but scarcely any business expansion. The number of new member merchants is equal to the number

of lost merchants, and ultimately the overall investment does not lead to business growth.

2. Activation

These are activities intended to monitor and maintain merchant activity levels.

Surprisingly, none of the analyzed acquirers has been engaged in activation-related activities. They

all had installed terminals and assumed that activation would ensue as a natural consequence.

However, many times that is not the case.

3. use

These activities are related to the use of services over the life of the contract. Apart from customer

service, maintenance and service supply issues, other aspects must be considered, particularly with

respect to more profitable merchants.

One of the rarely handled issues is profitability analysis from a comprehensive business perspective,

which is defined not only based on discount and lease rates but on the overall business relationship

of the acquiring bank with the merchant.

Other areas of focus for acquirers in this phase include training for merchants aimed at maximizing

terminal usage or daily merchant monitoring for proactive reactivation and retention.

4. retention

These are actions intended to prevent the cancellation of service supply from the acquirer to the

merchant.

A serious deficiency has been observed in merchant behavior indicators and monitoring.

Consequently, almost no initiative has been developed in regard to renegotiation of discount rates,

segmented promotions or direct contact with merchants as a means to anticipate potential attrition.

Given this framework, Visa Consulting has compiled a list of recommendations to be applied by

different acquirers in all LAC countries.


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recommendationsBest practices were identified with each acquirer, and each of them was thoroughly described in terms of campaigns, systems involved, follow-up measures, incentive adjustments, human resources, financial resources, etc.

These improvement initiatives were then compiled as 25 general recommendations along the merchant life cycle (0: Planning; 1: Affiliation; 2: Activation; 3: Use; 4: retention). The initiatives refer to several gaps, many of which have been encountered through interactions with acquirers in the region.

1. Implementation of cross-selling programs to make relationships with merchants more profitable. (0)

2. Definition of a process by which to monitor the assumptions used to define and adjust business conditions. (2)

3. Generation of a merchant relationship indicator by which to monitor the overall business relationship with the merchant. (1)

4. Implementation of a model by which to measure profitability and manage the performance of each target segment. (3, 4)

5. reliance on a cost-revenue sensibility analysis as a result of merchant losses. (3, 4)

6. Development of business cases to assess feasibility and expected profitability as a means to penetrate and reach a position in certain merchant categories. (0, 1)

7. Generation of a profitability-based segmentation model by which to maximize the potential of each segment. (0, 1)

8. Implementation of a series of key performance indicators for enhanced business management. (0, 1, 2, 3, 4)

9. Definition of a monitoring process concerning daily merchant activation. (2, 3)

10. Application of a profitability-based segmentation model to merchant management. (0, 1)

11. Development of customized, added-value services and innovative solutions for high-value customers. (0)

12. Definition of a process that ensures activation in the days immediately after terminal installation. (1)

13. Offering of incentives for new merchants that reach a set level of transactions within the first month . (2)

14. Improvement of communication channels with merchants. (3)

15. Definition of an ongoing quality program, identifying new merchant requirements. (3)

16. Definition of an advisory and training program for new merchants to increase card billings. (3, 4)

17. Generation of periodic market studies, including merchants’ preferences and expected added value. (4)

18. Establishment of a direct contact program with merchants. (4)

19. Implementation of an incentive program for the sales force to promote cross-selling. (0)

20. reliance on an incentive program segmented by affiliation, activation and use of merchants. (1, 2)

21. Establisment of a dedicated sales force for high-value segments. (1, 2)

22. Identification of acquiring business growth based on market trends and opportunities, emphasizing the future as opposed to the past. (3, 4)

23. reliance on specialized teams to manage specific market segments. (3, 4)

24. reliance on two or three terminal suppliers to negotiate better prices and contract conditions. (0, 1)

25. Implementation of technological solutions, including a Web platform for automated processes and enhanced services to merchants. (0, 1, 2)

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Profitability

The acquirer’s business, unlike that of the issuer, may have one of various structures,

each with its own goals and strategies.

Prior to assessing profitability, it is important to understand the organization’s expectations in regard to

acquisition activity.

This will define its strategy and therefore its structure.

Various acquisition models are employed in the region, and each has particular strengths. The three most

common models are shown below:

It is important to note that, in the above three cases, the acquiring business is profitable and generates

resources that justify an investment in its expansion. The difference lies in how such profitability is attained.

In those cases where the organization that focuses on each product individually, profitability is basically

generated through discount rates and equipment lease fees. However, when a channel is involved the discount

rate is sometimes insufficient to render the business profitable. Consequently, profit arises from linked

products such as current accounts, credits, working capital, etc.

Ultimately, both, the model and the results monitoring must be aligned with the main strategy of each

institution results monitoring. A common mistake is to measure results with a different approach to the one

used in the business model.

The first analysis to be performed consists of understanding the value waterfall, meaning the composition of

business income and expenditures.

It is advisable to pay attention to regional benchmarks as the means to determine whether business indicators

are consistent with the parameters established for the business, such as Net MDr (discount rate less

interchange fees), transaction costs, income per merchant, etc.

Nevertheless, problems may arise, such as merchants or segments with a Net MDr that is well below the

expected standard, negative, or with overhead costs that offset the per transaction profitability.

PrOFITABILITy

Product Business unit Channel1 2 3This is characterized by a focus on customer service, innovation, added value and offer differentiation. There is no structured effort for the sale of other products to the merchant.

This focuses on results, strong planning and segmented action, frequently acting as an independent unit.

This focuses on cross-selling, overall customer profitability and the strong presence of rebates, but it is not independent from the rest of the organization.

14 PrOFITABILITy

• Discount rates

• Terminal lease

• Minimum transaction fee

• Authorizations

• Installation

• Maintenance

• Chargeback commissions

• Product cross-selling

• Others

• Interchange

• Processing

• Authorizations

• Call center

• Sales

• Maintenance

• Supplies

• Installation

• Software development

• Training

• Depreciation

• Chargebacks

• Networks

• Back-office

• Technology

• Marketing

• Others

The main examples of income to be considered are:

The main examples of costs to be considered are:

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FIgure 9

Profitability per Category

Category Profit/trans.

Travel agencies +Insurers +Charity +Schools and universities +Fast food +Entertainment +Parking +Pharmacies +Gas stations +Government +Large retailers +

Category Profit/trans.

Hospitals +Hotels +Others +Car rental +restaurants +Supermarkets +Telecommunications +Air transportation +Land transportation +retail +

Source: research from Visa Consulting

As business evolves, the consolidated value waterfall must become more specific in order to support accurate

business decisions.

A traditional approach consists of segmenting merchants based on their size and business category. Figure 9

(shown below) is the result of an acquirer per category for the small-merchant segment.

Positive Positive given the right pricing conditions+ +

Some very interesting conclusions can be derived from this basic segmentation. For example, on the small-

ticket segment the pricing applied by the acquirer should consider the average transaction size and its

profitability. For this type of merchant an adjustment could be considered, e.g., a minimum fee per transaction.

The same kind of analysis must be performed for each segment established by the acquirer. Some conclusions

may be intuitive, such as the lower profitability per transaction (including instances of eventual losses for

certain categories) for larger merchants. However, such an analysis is very important because in some

cases acquirers may find that their segmentation model has no relation to profitability. This can lead to

two conclusions: (a) segmentation isn’t intended to increase profitability; or (b) segmentation shows key

deficiencies that must be reviewed.

The next stage involves the clustering of merchants within each category or size, such as distributing small

restaurants into different groups based on their respective behaviors.

PrOFITABILITy

16

The total number of clusters identified in the projects developed by Visa Consulting in the LAC region is nine,

as shown in Figure 10:

EMERGING MERCHANTS

PROFIT-MAKERS

AVERAGE-TICKET MERCHANTS

HIGH-TICKET MERCHANTS

SMALL-TICKET MERCHANTS

LOW-ACTIVITY MERCHANTS

FIX OR FLuSH

CREDIT MERCHANTS

BIG ONES


FIgure 10

Acquiring business clusters

PrOFITABILITy

17

Clusters are defined jointly with each acquirer, but similar behaviors have been observed throughout the

analyzed markets. Each cluster portrays a series of indicators that must be considered in terms of how the life

cycle, pricing, service, technology and other factors are handled. They can be summarized as follows:

emerging Merchants: These are merchants that generally have few transactions and pay low transaction fees.

Profit-Makers: These form a small group of merchants that account for a relatively large portion of the business

profitability.

High-ticket and Average-ticket Merchants: These merchants are similar in terms of profitability but have

average ticket differences.

Small-ticket Merchants: These are merchants with very low average tickets. Their profitability is affected

whenever costs are based on the amount per transaction, and income is calculated as a percentage of volume.

Low-Activity Merchants: These are generally seasonal merchants, often in tourist areas. The proper

management of this type of merchant can reduce the costs of service, support and other factors.

Big Ones: These merchants show large volumes but may or may not be profitable. Generally, this cluster is

very profitable in commercial bank segments (small merchants) but generates losses in the corporate bank

segment (big merchants).

Credit Merchants: These are merchants in which the proportion of payments with credit cards (as opposed to

debit cards) far exceeds the market average. This is the case with hotels, rent-a-car firms and airlines.

Fix or Flush: These are merchants with profitability issues. They tend to show low volume levels, and for

various reasons they pay neither a lease or a low transaction fee. Prompt action must be taken in order to

reverse their deficient profitability, or their memberships should be canceled.

It is useful to understand the behavior of each merchant at a cluster level, because the actions by which to

improve profitability may be more related to the merchant behavior than to its category.

PrOFITABILITy

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Actions must be undertaken at a category level in order to ensure greater effectiveness, including the choice of

terminal, technological solution, types of promotions and merchandising, and various other aspects. What is

effective for a restaurant will greatly differ from what a physician, a hotel or a gas station requires.

Interestingly, the type and level of service and the offers differ more per cluster than per category of business.

Emerging merchants should always pay the terminal lease (or low transaction fee) regardless of their categories

of business. Profit-makers should always receive preferential service. Small-ticket merchants should have a

minimum fee per transaction and so on and so forth.

The combination of cluster and category results also provides a comprehensive overview of how the customer

portfolio is evolving (Figure 12).

FIgure 11

Profitability per cluster


Cluster 1 Cluster 2 Cluster 3 Cluster 4 Cluster 5

% ofmerchants

% ofvolume

% of transactions

% ofincome

% of Low transaction

fees

% of operating

cost

% of interchange

% of profit

% of loss

% of fixed costs

% ofmargin

100%

0%

The following graph illustrates the merchant distribution at a cluster level for actual acquirer (Figure 11).

The dark-blue bar represents emerging merchants, which, despite representing approximately 60% of all

merchants, account for up to 90% of low transaction fees but no more than 10% of business profits. Cluster 5

represents “Fix or Flush,” and cluster 2 represents the profit-makers.

PrOFITABILITy

19

less profitable per transaction

Bank A

Cluster

1

2

3

4

5

6

Hotelsrestaurants Hotelsretailers retailers entertainement

Bank B

more profitable per transaction


FIgure 12

Profitability per Category and Cluster

The above example lays the ground for discussing several issues. In the case of Bank A, it can be seen that

nearly all groups report positive results (the retail category in particular is highly profitable). It is interesting to

note that restaurants and hotels don’t show fix-or-flush merchants.

Bank B shows thighter margins for the retail category. The emerging-merchant and small-ticket clusters show

somewhat negative profitability and should be targeted with specific actions.

The last topic of acquirer business profitability–cross-selling–is very important but is rarely approached

from a strategic standpoint. For all the acquirers analyzed, upper management agreed that the installation of

the terminal at a merchant’s location meant a strong connection to the establishment. Moreover, everyone

understood that profitability could be significantly expanded through the sale of additional products, whether

bank-related or not, because such a relationship affords ready access to merchant managers, decision-makers

and owners. Nevertheless, only rarely was a formal cross-selling process found to include a defined strategy,

goals and dedicated resources.

Although this activity hasn’t been fully developed, it should be noted that some acquirers operated within

business models in which cross-selling was employed (Figure 13). There are categories in which profitability

from the customer’s perspective is 33 times greater than what is obtained by the stand-alone acquiring

businesses.

PrOFITABILITy

20

FIgure 13

Potential multiplication of acquiring stand-alone business profitability through cross-sell

When acquiring is considered as a stand-alone business, profitability may not always reach the desired levels.

In such cases this multiple can be very high. In such cases, there is a significant opportunity for acquirers to

work on cross-selling actions in a structured way: Provided that it is easy to find establishments that have

just one—or possibly no—additional product, the allocation of additional effort is recommended in order to

increase their levels of connection.

Another example is provided by a highly profitable market in the region: The Brazilian market. The main

Brazilian acquirers have identified additional significant sources of income for their businesses and, over

the years, have developed them in a very successful manner. Instead of relying discount rates alone, in this

market the leasing of equipment is the rule instead of the exception. Furthermore, products related to working

capital have also become a significant source of business, accounting for approximately 30% of the profit in

these companies. Being independent acquirers, the opportunity for cross-sell was limited, which is why they

demonstrated creativity by developing other income sources.

This type of strategy, including the adequate allocation of resources, prioritization and top-level management,

has enabled independent acquirers such as Cielo (CIOXy ticket) to reach a market value of US$ 20 billion

(Google Finance, March 2013). Another example is that of a bank such as Itaú Unibanco closing a deal to

acquire redecard equity at a company value of more than US$ 11 billion in September 2012 (Google Finance).

Comparatively, in March 2013 BBVA Global had a market value of US$ 54 billion, Banorte Mexico US$ 17

billion, Bancolombia US$ 14 billion, Banco de Chile US$ 14 billion and royal Bank of Canada US$ 86 billion

(source: Google Finance, March 2013). Thus we can conclude that two independent acquirers in the LAC

region attained market values equal to those of large local and global entities. Accordingly, they now epitomize

what can be achieved in this business.

This model has been useful in the Brazilian market, given its particular dynamics. However, each market offers

solutions to be developed and thus represents exceptional opportunities for anyone who can develop them

through a growth strategy, proper management, adequate investments, cutting-edge services, creativity and

discipline.

Visa Consulting has, over the past several years, supported acquirers in the region with consulting projects,

seminars, workshops and executive presentations. This paper is just one of many resources available for

acquirers to capture of the opportunities herein described.


18X21X

13X

23X

33X

Category 2 Category 3 Category 4 Category 5Category 1

PrOFITABILITy

21

Top 10 Projects of Visa Consulting LaC

Visa Consulting, apart from its projects with acquirers, has a long record of projects

successfully developed and implemented with issuers in the region. The Top 10

projects are shown below:

TOP 10 PrOjECTS OF VISA CONSULTING LAC

Cross-Sell Segmentation and strategies to optimize credit card acquisition.

upgrade Scoring and strategies to grow affluent portfolios.

Attrition A predictive model designed to minimize customer attrition and develop a proactive approach towards customer retention.

Credit Line Management Best practices and segmentation to optimize credit line allocation and risk management.

Market-Basket Analysis Behavior models and campaigns to enhance usage dispersion across different merchant categories.

Collections Predictive models and strategies to maximize returns on collection activities.

Activation Strategy Segmentation and campaigns to drive more activation for new and existing accounts.

Commercial Migration Behavior model and campaigns to capture cross-sell opportunities with business cards.

PL Migration Models and strategies to increase portfolio profitability through private label migration to Visa branded cards.

roll-overInnovative approach to leverage interest bearing balances. Based on predictive models and segmented strategies, issuers will leverage profitability while reducing credit risk.

How can Visa help?

Our team has extensive knowledge and vast experience in the payments industry within the Latin America & Caribbean

region. We offer a great variety of customized consulting services to help our clients enhance the profitability of their Visa

card portfolios.

Visa and Visa Consulting LaC

Visa Consulting & Decision Analytics Latin America and the Caribbean offers a wide array of consulting services to

Visa’s bank and acquirer customers. As a supplement to those services, we also issue valuable publications on topics of

importance to the industry.

Visa Inc. operates the world’s largest commercial electronic payment network, which encompasses processing services

and electronic payment platforms, including credit, debit, prepayment and commercial products bearing the Visa, Visa

Electron, Interlink and PLUS brand names. Visa has global acceptance, and Visa/PLUS is one of the world’s leading

automated teller machine networks, providing access to local-currency cash in more than 170 countries. For detailed

information, please visit www.corporate.visa.com.

We combine our wide experience in the payments industry within the LAC Region with a deep knowledge of the different products and client segments

We are a team of specialized “Subject Matter Experts” with international experience and a multidisciplinary versatility

Our ‘Decision Analytics’ group combines a team of experts in statistics and data-mining with the most advanced analytics tools in the market

We have implemented many projects that have significantly enhanced our clients’ positioning and improved their portfolio performance

We develop business solutions with a strategic focus supported by comprehensive analytical depth

We collaborate with leading global consulting firms to integrate international best practices and stay at the forefront of the industry

Visa Acquirer-Best-Practices Brochure-ENG

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