Procesa wins payment contract for Banco Vimenca

Friday, April 23, 2004

Panamanian electronic payments company Processing Center (Procesa) has won a contract to handle payment processing for the Dominican Republic's Banco Vimenca, according to a company statement.

Procesa will handle Banco Vimenca's electronic payments, credit and debit cards needs. No values for the contract were revealed.

Procesa is a joint venture of US-based electronic payments firm First Data Corp. (NYSE: FDC) and Banco General. It has developed payment processing solutions tailored for the Latin America and Caribbean regions, and has 18 customers to date.

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The firm's operations center is located in Panama City, and uses First Data's VisionPLUS platform to provide services for credit, prepaid, gift and corporate cards.

Another First Data subsidiary, payments firm Western Union Financial Services, has a separate partnership with Vimenca group, parent company of Banco Vimenca. Vimenca is one of the largest Western Union agents in the Caribbean.