Crédit Agricole’s payment processing subsidiary Cedicam has changed its name to Crédit Agricole Cards & Payments as part of its strategy to expand in the European payments market.
The change in name comes as Crédit Agricole prepares to launch a SEPA-compliant multi-bank, multi-currency payment processing platform, which it had begun investing in in 2008.
It offers very broad coverage of the payments value chain, and also offers full scalability. It is innovative and effective, particularly in the field of electronic banking, processing of SEPA transfers and direct debits, cash management and even bank card customisation, an official announcement said.
Crédit Agricole’s France-based payment processing company processes about €200bn worth of payments per day and about 8bn transactions per year.
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The bank has a 30% market share in electronic banking processing in France and a 35% market share in payment flows.
The payment processing arm has 300,000 merchant contracts.
