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.
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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.
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.
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