Discover Financial Services Partners with Credomatic in Promotional Effort across Central America
Discover Financial Services LLC, a business unit of Morgan Stanley (NYSE:MS), and Credomatic International Corporation, a subsidiary of BAC International Bank Inc., have signed an agreement that facilitates the acceptance of Discover Network Cards at more than 65,000 merchant locations in Central America.
Effective today, Credomatic and its affiliates will begin targeting major merchants in tourist destinations to offer the Discover Network merchant acceptance program. At a later date, the offer of Discover Network Card acceptance will be extended to the company´s entire merchant portfolio throughout the region.
Credomatic facilitates credit card services for more than 65,000 merchants in Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua and Panama. Discover Network is Discover Financial-owned payment network that provides support to issuers, acquirers, merchants, cash advance providers and their respective processors.
“Our agreement with Credomatic extends acceptance of Discover Network Cards into Central America for the first time,” said David Nelms, Discover Financial Services chairman and chief executive officer. “This is in addition to the acceptance we have already established at popular tourist destinations such as the Caribbean, Mexico and Canada.”
Discover Financial Services LLC, a business unit of Morgan Stanley, operates the Discover Card with more than 50 million card members, the Discover Network with more than 4 million merchant and cash access locations and the PULSE ATM/debit network currently serving more than 4,200 banks, credit unions and savings institutions.
Founded in 1970, Credomatic International Corporation is the leading card issuer and merchant acquirer in Central America. It processed $3.32 billion in merchant sales in 2004 for over 65,000 merchant locations in the region. It operates in Guatemala, Honduras, El Salvador, Nicaragua, Costa Rica, Panama and Mexico.
