Strategic partnership with Global Payments
Montreal, October 31 2019 - Today, Desjardins announced that it has signed a long-term partnership with Global Payments, a leading worldwide provider of payment technology and software solutions. This partnership means that Global Payments will be acquiring Desjardins' entire merchant portfolio, currently housed under the Monetico brand. Starting in March 2020, Desjardins' equipment will be replaced with Global Payments' solutions.
This strategic partnership with Global Payments will allow Desjardins merchants to benefit from best-in-class payment technology solutions that meet the highest industry standards. The decision also allows Desjardins to provide the high-quality services that our members and clients have come to expect.
Global Payments is a public company trading on the New York Stock Exchange and a member of the S&P 500. Its worldwide reach spans over 100 countries, including Canada where it has operated for nearly two decades. Global Payments makes significant investments in the research and development of payment solutions and has the resources and infrastructure in place to serve merchants in both English and French.
In the coming weeks, Global Payments and Desjardins will jointly implement several measures intended to ease the transition for merchants using Desjardins payment solutions.
This partnership will be finalized subject to approval by various regulatory authorities.
Gradual phasing out of in-store Accord D financing to begin next year
In the wake of this change, Desjardins has also decided to gradually phase out in-store Accord D financing over the next few years. Activities will begin winding down on May 1, 2020, and will continue beyond 2023.
Desjardins cares about its members and strives to provide them with sound financial advice on a variety of topics, including consumer financing. By refocusing our efforts and moving away from our current approach, we'll be able to help members accurately assess both their needs and financial capacity. This decision is in line with Desjardins Group's commitment to improving financial literacy.
Desjardins will be honouring all of its contractual commitments to both merchants and consumers. We will also be introducing transition measures to support merchants during this change. For more details, please see https://www.desjardins.com/merchants