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First Data will offer Omnipay's suite of multi-currency and e-commerce payment services, which handles credit and debit card payments, to its alliance banks and financial services clients worldwide.
"First Data provide services to the biggest banks in the United States, and process sales of around USD450 billion a year and we hope to generate around IEP45 million from this deal," said Brian Connolly chief executive of the company.
Connolly said it was a huge deal for Omnipay which was only established in September 2000, the company's software will go live with its first customer in the US in September of this year.
"We are very supportive of the deal," Rodney Bell a spokesperson for First Data told ElectricNews.Net. "The Omnipay solution is particularly attractive because of its ability to provide the service front-hand, or at the point of sale. There are not a lot of solutions out there like Omnipay," he said.
The company, which currently employs 27 people, plans to increase its workforce to 43 by the end of March next year.
"First Data is the largest payment processor in the world and their global network provides us with a huge opportunity that we look forward to developing," said Connolly.
Omnipay uses a fee-based model which will see it generating revenues based on the volume of transactions processed using its software.
Connolly said the difference between Omnipay's system and others was that it could process a transaction on-line in any currency. This means both buyers and sellers can complete transactions in their own currency using the Omnipay system.
"If for example an Irish company is looking to sell its products into Australia then our system can process the transaction in Australian dollars for the customer there and debit their card in that currency," he said.
"The Irish retailer will meanwhile be presented with the purchase in Irish pounds and receive payment in Irish pounds which no conversion is needed for either party," said Connolly.
Connolly said Omnipay plans to be profitable by the third quarter of 2002.
Irish company Fexco is the majority shareholder in the company having invested over IEP4 million in the company last year.
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