Historical series Itaú Unibanco buys ‘TEF’ solution and other retail software from NCR Brasil and expands its operations in the means of payment segment
With the agreement, the bank aims to guarantee a better and more complete experience for companies of different sizes
July 2024 – Itaú Unibanco announces an agreement with NCR Brasil for the acquisition of certain software assets for the retail industry from NCR Brasil. NCR Brasil specializes in expanding self-service financial access for banks and consumers.
The operations that are part of the agreement will be transferred to a new company, which will become an integral part of the Itaú Unibanco conglomerate. These operations include Scope, an ‘TEF’ (Electronic Funds Transfer) solution that not only facilitates payments, but also integrates and reconciles automatically, bringing greater efficiency to commercial establishments, with agile and secure transactions.
The business acquired, which includes current contracts with customers and suppliers and a team of around 80 employees, will be preserved to guarantee the continuity of the service provided and improve the value offered to retail customers. Completion of the transaction still depends on approval by the regulatory bodies and the conclusion of other conditions precedent usual for this type of transaction.
Itaú Unibanco’s main objectives with the acquisition include expanding its portfolio of products and services aimed at companies in the retail sector and strengthening and expanding its commercial ties with clients who use TEF – software that enables integration between commercial establishments and various acquirers and financial institutions to optimize purchases using any type of card or PIX at the point of sale. It is worth noting that, once the transaction has been concluded, the agnostic nature of TEF will be maintained, allowing the commercial establishment to use the acquirer or financial institution of their choice.
“This acquisition will allow us to expand the range of solutions and services for our customers, strengthening “Conexão Itaú’ (Itaú Conection), a strategic initiative aimed at strengthening partnerships with more than 100 technology and commercial automation companies. It will also enable us to offer innovative solutions that meet the recurring demands of our customers, guaranteeing a more complete payment and service experience,” says Angelo Russomanno, Director of Network and Cash Management at Itaú Unibanco.