Further Details on Partnership between CEDICAM and Equens
- CEDICAM, a subsidiary of Crédit Agricole specialised in payment processing, CEDICAM signed a framework agreement with processor Equens based in the Netherlands, Germany and Italy. This agreement details their commercial partnership, the very first result of discussions initiated with their November 2009 MoU.
- They have listed projects likely to help them achieve three goals: synergies to lower processing costs, technical and commercial innovation, better geographical coverage. To do so, they have resolved to:
- exchange operations through operational interconnection of their IT systems;
- share their know-how for IT development;
- mutualise their hardware and software supplies;
- explore cross-selling opportunities with their existing customers as well as commercial partnerships with Crédit Agricole’s European subsidiaries.
- Exploring all possible opportunities opened by this bridge-building between Equens and CEDICAM takes more time than originally thought. In France, this partnership partakes to Crédit Agricole’s strategy to reach the critical size on an international scale for each of its activities. It has already been implemented a few years ago with the creation of a common asset management company, Amundi: created with Société Générale, the joint venture is mostly controlled by Crédit Agricole.
- Equens intends to set foot on the French market –which, until recently, was difficult to enter–, and, by doing so, to challenge STET. The French interbank processor is in fact the undisputed number one in Europe with 35% of total exchanged volumes.
See November-December 2009 Watch