June 8 , 2011
VendTek has new agreement with Santander Bank for national bill pay service
VANCOUVER---VendTek Systems Inc, a developer and licensor of software for the global prepaid and financial services markets, is pleased to announce that its wholly owned subsidiary in Brazil, Now Prepay Servicos de Informatica Ltda., has signed an agreement with Banco Santander S.A. ("Santander") to offer bank correspondence services to customers throughout Brazil. Banking correspondence services include banking services such as bill payment.
Spain's Santander Group is among the largest financial institutions in the world by market capitalization. With over 92 million customers and 13,000 branches in more than 40 countries, the group manages assets of more than US$1.87 billion. Santander's net income was US$3.13 billion in 2010.
In Brazil, Santander is ranked among the top five banks in terms of assets.1 Since 1998, it has acquired regional state banks such as Banco Noroeste and Banespa. As of September 2010, Santander Brazil recorded approximately 24 million customers and over 10 million active accounts nationwide.
Bill pay services are considered strategic to reach regions where banking services are limited and must be provided by processors jointly with a local bank. Consumers have the convenience of paying utility and other bills at venues such as supermarkets and drugstores. In 2010, such services accounted for over 40% of all paid bills in Brazil. This equates to about 680 million bills paid in 2010.2
Doug Buchanan, President and Chief Executive Officer of VendTek Systems, said, "Bill pay will be our second service offering following the successful launch of mobile recharge. Consumers will be able to pay approximately 500 bills at our sales points. The partnership with Santander will leverage our growing merchant network with an extremely popular bill payment service in Brazil."
VendTek develops and licenses automated transaction system software and supporting technologies. VendTek's customers, subsidiaries and its Now Prepay division use e-Fresh™ software to build electronic, prepaid services networks that enable consumers to purchase prepaid products and services via POS and self-serve terminals connected to a central server. This system creates significant value through improved efficiencies compared to a traditional distribution model. e-Fresh™ reduces shrinkage and inventory requirements for vendors while improving consumer access to prepaid products and services by completely eliminating physical cards and vouchers.