The Bancorp, a financial holdings company, is partnering with MasterCard and Visa Europe Principal Member, Transact Network, to expand its payment solutions presence into Europe (view press release). The companies have entered into a definitive asset purchase agreement for the Bancorp to acquire the MyCardData technology platform, Easybuy website, agreed customer contracts and other principal assets from Transact Network.
“The acquisition of this platform from Transact Network, a Pan-European electronic money institution, will establish a European payment solutions presence for Bancorp and facilitate European expansion for many of Bancorp’s existing “Payment Solutions” clients,” said Frank Mastrangelo, president and COO of The Bancorp. “It will also enable Bancorp to leverage its current BIN Sponsorship and Program Management Platforms for a wider set of European Payment solutions and offer enhanced products, flexibility, capability, and scalability. We will utilise our success and experience with our US payment solutions platform to grow our European presence.”