Unicaja Partners with Fiserv in Spanish Payments Push

Unicaja, one of Spain's leading retail banks, has signed an agreement with Fiserv, the NYSE-listed payments technology company, to develop merchant acquiring capabilities for the Spanish market.

The partnership marks Fiserv's first strategic agreement in Spain, which aims to integrate payment processing capabilities for Spanish merchants.

Technology integration

The agreement focuses on developing point-of-sale systems and e-commerce solutions for Unicaja's merchant customers. Fiserv will provide the technical infrastructure for processing multi-currency transactions through its global payments network.

Merchant acquiring, the process through which banks enable businesses to accept electronic payments, has become central to retail banking revenue streams as cash usage declines across Europe. 

The partnership will give Unicaja access to Fiserv's merchant acquiring technology stack, including its Clover point-of-sale platform.

Security and specialisation

The partnership emphasises security in payment processing, with both organisations implementing protection against fraud. 

The agreement includes provisions for sector-specific payment solutions, with Unicaja developing offerings tailored to different merchant categories.

Market presence

Unicaja serves four million customers and operates as a reference entity across six autonomous regions: Andalusia, Asturias, Cantabria, Castilla-La Mancha, Castilla y León and Extremadura, with an additional presence in Madrid, Ceuta and Melilla.

“This initiative represents a decisive step in our strategy to enhance our service to businesses and self-employed individuals,” says Isidro Rubiales, CEO of Unicaja. 

“We prioritise generating added value and adapting our range of products and services to meet our client's needs. 

“With this alliance, we are not only innovating in technology but also improving our customers' experience through solutions that optimise and simplify our payment services.”

The partnership requires regulatory approval before implementation. Once approved, Unicaja will integrate Fiserv's payment processing capabilities into its existing merchant services offering.

Katia Karpova, Executive Vice President and Head of EMEA at Fiserv, says: “We are delighted to partner with Unicaja in an initiative that we believe can transform the local merchant acquiring market while creating long-term value for Unicaja's commercial banking relationships. 

“The combination of Unicaja's reputation in the marketplace and our innovative position at the intersection of merchants and financial institutions will allow merchants in Spain to offer a world class experience to their clients.”

Fiserv expanding

Fiserv’s partnership with Unicaja follows its acquisition of Payfare – a move designed to enhance its embedded financial capabilities.

Fiserv can now strengthen its capabilities in workforce payment solutions, diversify its offerings and expanding into the new economy market to grow its client base. 

On the acquisition of Payfare, Frank Bisignano, Chairman, President and CEO of Fiserv, said: “Payfare has built a reputation as an innovator in workforce payments for gig-economy companies.

“Together, we can accelerate the delivery of embedded finance solutions for all of our clients, empowering their next chapter of success. We look forward to welcoming the talented Payfare team to Fiserv.”

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