- Fintech Cirralto (CRO) has signed a business payments aggregator (BPA) agreement with Fiserv and payment giant Mastercard
- Under the agreement, the company will be able to process Mastercard cards
- The company advises that the deal completes its business payments merchant services offering
- The deal will see Fiserv aact s the exclusive merchant acquirer for Cirralto and will further commercialise Cirralto's digital payment and software solution, known as Spenda
- On the market this morning, Cirralto is up 13.9 per cent and trading at 4.1 cents per share
Cirralto (CRO) has entered a business payments aggregator (BPA) agreement with Fiserv and payment giant MasterCard.
BPA is a service that allows merchants to process mobile or eCommerce payments.
The company advises that the deal completes its business payments merchant services offering and allows the company to process Mastercard cards.
Under the BPA, Fiserv will be the exclusive merchant acquirer for Cirralto. This means Fiserv will handle transactions on behalf of Cirralto, giving transactions the approval and taking a portion of the proceeds as payment.
The new agreement will see Cirralto further commercialise its digital payment and software solution, known as Spenda.
The BPA will also improve Cirralto's payments margin by 40 per cent and allows Cirralto to process card payments as the merchant of record.
Cirralto says the agreement will commence today, December 14, and last for 12 months. Moving forward, the BPA will automatically renew this time next year, unless it is terminated.
Today's announcement follows the Fiserv and Visa business payments service provider (BPSP) agreement, announced earlier this month.
Managing Director Adrian Floate said he is pleased to develop this partnership with Mastercard.
"The BPA completes our business payments merchant services offering and enables us to process Mastercard cards as the merchant of record under
the same merchant ID as the BPSP," he said.
"The whole team is very excited at what we have achieved this year. Our focus as we move into 2021, will be to maximise and leverage the various opportunities that our new agreements deliver and use this as a cornerstone of our platform upgrade due to roll out early in 2021," he added.
On the market this morning, Cirralto is up 13.9 per cent and is trading at 4.1 cents per share at 11:57 am AEDT.