While business banking has traditionally been dominated by three banks – Standard Bank, FNB and Nedbank – the recent acquisition of\u00a0First Data Resources South Africa (FDRSA) means Bidvest is about to enter the arena in a big way.<\/p>\n
First Data, a global payment company, currently services 4,000 financial institutions around the world, and\u00a0powers more than 2,800 payment transactions every second of every day – totaling $2.2 trillion in annual transactions.<\/p>\n
While it already had an operating agreement with Bidvest, the acquisition will give Bidvest an exclusive licence agreement with the company for the next 10 years.<\/p>\n
The new company has been renamed\u00a0Bidvest Merchant Services.<\/p>\n
This will allow Bidvest to offer a new range of merchant services aimed at South African businesses,\u00a0said Bidvest Bank managing director, Japie van Niekerk,<\/p>\n
According to\u00a0van Niekerk, South Africa’s largest corporations are currently “well serviced” by the big banks, leaving a growing market for smaller and\u00a0medium-sized businesses who require more focus and attention.<\/p>\n
Specifically, he said that Bidvest Merchant Services would now be targeting companies with an annual turnover of between R5 – R500 million.<\/p>\n