Brazilian credit card issuer Afinz taps FIS for card processing services

By Pavithra R

Brazilian financial services provider Afinz (formerly Sorocred) has announced selecting Financial technology leader FIS to provide processing services across the company’s entire portfolio of private-label credit cards. Afinz is a new FIS client in Brazil.

Recently, Afinz rebranded as part of a strategic business expansion into a FinTech company, offering a broad range of credit products and other financial services for consumers and retailers throughout Brazil. The company was handling its card processing in-house and was looking forward to outsourcing its processing operations to a payments processing leader with the scale and expertise needed to support the company’s growth plans.

“We were looking for a payments partner that would help take us to the next level of growth and customer service excellence. With FIS, we gain a partner that not only can provide us the high-quality credit card processing services that we need today, but that can support us as we add new products and services in the future,” said Cláudio Yamaguti, President at Afinz.

Under the long-term partnership agreement, FIS migrated Afinz from the company’s legacy processing onto its credit card processing platform in the first week of September, enhancing the speed and efficiency of its operations. The firm will also provide processing services for a recently launched Afinz credit card co-branded with Visa.

“FIS is excited for the opportunity to work with Afinz and support its aggressive growth plan. This agreement brings together two leaders that understand the power of advanced technology in providing a differentiated experience to customers. We are committed to helping Afinz achieve its growth goals in the region by providing world-class processing services,” said Marcelo Porto, general manager of Banking Solutions for FIS in Latin America.

Recently, FIS added Walgreens into the power of premium payback.

Established since 1968, FIS is a provider of technology solutions for merchants, banks, and capital markets firms globally. It is a Fortune 500 company and is a member of Standard & Poor’s 500 Index. The FinTech supports real-time payments across the globe, processing instant transactions in 24 countries including the United States, India, China, Australia and the U.K.