RS2 Group, a leading global payment solutions and technology provider, has concluded a processing outsourcing agreement with its business partner Alpha Fintech to provide acquiring services to Bank of New Zealand in New Zealand.

Acquiring services relate to Merchant Acquirers, who collect card-based payments which they have accepted as retailers. Those providing acquiring services, such as banks and financial institutions, aggregate and separate card-based payments and sends them to card issuers, normally via appropriate card scheme networks, such as Visa and MasterCard.

RS2 and Alpha Fintech provide the processing capabilities using RS2’s single global platform for large financial institutions, payment service providers (PSPs), independent software vendors (ISVs), and payment facilitators (PayFacs) around the globe, positioning Bank of New Zealand to be the leader in the New Zealand market, offering its merchants and payment partners first-class acquiring services, RS2 said in a statement.

RS2 and Alpha Fintech have successfully completed the migration of all Bank of New Zealand acquired merchants onto RS2’s cloud-based global platform. The move enables Bank of New Zealand to swiftly provide new services for their customers and creates a foundation for future payment services for New Zealand merchants, as well as existing payment partners.

“We are excited to partner with Alpha Fintech in the Asia-Pacific market to build on the success with Bank of New Zealand to expand its offering into the market,” said David Amato, Head of Sales and Client Relationship Management of RS2.

“To be a competitive merchant acquirer today, a fusion of a number of independent as well as ideally interoperable best-in-class solution providers is key. Integrating RS2’s back end into Alpha’s simplified abstraction layer now provides acquirers with the world’s most feature and data-rich solution set via one offering” stated Oliver Rajic, CEO of Alpha Fintech.