FIS replaces legacy processing tech at Brazil’s Afinz
Brazilian financial services firm Afinz has gone live on FIS for processing across its portfolio of private-label credit cards.
Afinz rebranded from Sorocred earlier this year
Afinz offers credit products and other financial services for consumers and retailers in Brazil. Founded in 1990 and once known as Sorocred, the firm rebranded as part of a move towards embracing fintech.
The company’s payments processing was completed in-house. FIS says Afinz wanted to outsource to a firm with the “scale and expertise” needed to grow.
FIS migrated Afinz from the company’s legacy processing in the first week of September. It will also provide processing services for a recently launched Afinz credit card co-branded with Visa.
“We were looking for a payments partner that would help take us to the next level of growth and customer service excellence,” says Cláudio Yamaguti, president at Afinz.
“With FIS, we gain a partner that […] can provide us the high-quality credit card processing services that we need.”
Private label cards, sometimes known as co-branded cards, are store-branded cards unique to specific retailers.
According to data from Statista, of the 20.5 billion cards in circulation in 2018, 33% were private label.
“FIS is excited for the opportunity to work with Afinz and support its aggressive growth plans,” says Marcelo Porto, general manager of banking solutions for FIS in Latin America.
“This agreement brings together two leaders that understand the power of advanced technology in providing a differentiated experience to customers.”
Related: Visa to acquire LatAm API-based payments fintech YellowPepper
