Nexi is willing to explore various partnership models with banks.

Italian Payments Giant Nexi Open to Different Partnership Models

Italian payments giant Nexi is open to exploring different partnership models, according to CEO Paolo Bertoluzzo. This comes as leading banks UniCredit and Banco BPM review options for their payments business.

Banco BPM is currently working to select a partner by the end of June for its retailers’ and payment card business, which it has valued at €2 billion ($2.2 billion). Sources have said that Nexi is in the running, though Nexi traditionally acquires full ownership of banks’ merchants payment businesses.

“Different models can work and we are keen to be open to what ultimately banks sees as their strategy,” Bertoluzzo said, adding that the valuation of the business and related up-front payment would need to vary accordingly.

UniCredit is also conducting a review of its payment operations across its 13 markets. Bertoluzzo notes that the payments business is becoming increasingly technology-centred, requiring dedicated partners. “Specialisation in digital payments is becoming the rule of the game,” he said.

Nexi reported a 13.6% rise in first-quarter core profit as transaction volumes grew by double-digit percentages across all its markets, a trend that continued in April. Revenue rose 9% year-on-year to €741.7 million, above an analyst consensus gathered by the company.

Other News:

• Two chairmen of congressional committees investigating Hunter and Joe Biden say suspicious activity reports reveal a pattern of money laundering of millions of dollars and deception within a web of 21 LLC’s connected to Hunter Biden
• Rep. George Santos calls the federal charges against him a “witch hunt”. Speaking of charges, The House Oversight Committee says nine Biden family members have received suspicious foreign payments while Job Biden seems unconcerned with the end of Title 42.
• Republican and Democrat leaders met at the White House Tuesday to try to negotiate a deal over raising the debt ceiling
• Point-of-sale transactions routed through Pakistan’s main digital payments system fell by nearly 50% the day…
• JD.com Inc, beat Wall Street estimates for first-quarter revenue on Thursday, driven by resilient demand for its e-commerce platform from online…
• A Russian court fined Alphabet’s Google 3 million roubles ($38,600) on Thursday for failing to delete YouTube videos…