Home' Trinidad and Tobago Guardian : December 16th 2013 Contents A19
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A US judge has approved a US$7.25
billion settlement between merchants
and Visa Inc and MasterCard Inc over
credit card transaction fees.
A group of merchants and trade
groups sued the companies in 2005,
alleging they conspired to fix fees
charged to stores for handling credit
card payments. A settlement was
reached in last year but some retailers
rejected it - objecting to a provision that
barred future lawsuits.
The US$7.25 billion settlement figure
does not reflect the companies that
MasterCard of Purchase, New York,
says the final approval marks an
important milestone in putting the
litigation behind it. San Francisco-based
Visa says the settlement is fair for all
A number of retailers and industry
groups say it won't stop so-called
swipe fees from increasing.
US judge approves swipe fee settlement
The T&T International Financial
Centre (TTIFC) has signed a mem-
orandum of understanding (MOU)
with Quatrro Global Services
(QGS) and Caribbean Electronic
Payments Systems (CEPS)---a
major step toward development of
a financial business process out-
sourcing (BPO) industry in T&T.
QGS and CEPS will be working
with the TTIFC in a pilot project
to launch the card processing aspect
BPO is categorised into back office
outsourcing, which includes human
resources or finance and accounting,
and front office outsourcing, which
includes customer-related services.
such as contact centre services.
The signing took place at the
TTIFC offices, 15th Floor, Tower D,
International Waterfront Centre,
Wrightson Road, Port-of-Spain.
Speaking at the signing ceremony,
TTIFC chairman Franco Siu Chong,
said the signing marked a corner-
stone in the work of the agency.
"These MOUs embody the
essence of the need for T&T to
partner with global finance and
accounting BPO providers to drive
this thrust. These MOUs are also
proof that our value proposition
has merit for the international
financial services BPO community
and that TTIFC is on the right
track," he said.
In August, Scotiabank opened its
back office operations in Chaguanas
to consolidate its financial services
operations across the Eastern
Caribbean. The back office operations
centre was named Operations and
Shared Services Company Limited.
RBC opened its back office in May,
Siu Chong said the TTIFC s mission
is to make T&T the premier location
in the Western hemisphere for finan-
"Quatrro has selected T&T as a
location to launch a pilot project for
card processing, with the objective
of scaling up into a strategic card pro-
cessing centre to support clients in
the Caribbean region initially and
progress into a near shore location to
support clients in North and Latin
America. This centre will employ a
significant number of local tertiary
educated graduates," he said.
President of the Banking Associ-
ation of T&T, Larry Nath, said the
association is heartened by the devel-
"I am also heartened by the fact
that it will be an outlet for graduates
and young students to learn about
the industry. I am happy that it is a
pilot project which means, just as we
were hoping, it is some very good
research and development going on
here as well. Who knows, it might
lead to something that it is really
transformational. We are in support
Asked whether the BATT was con-
cerned about fraud in the processing
of cards, Nath said fraud is a global
phenomenon and prevention meas-
ures can be implemented.
Quatrro is a global services com-
pany offering business and knowledge
processing services to organizations
seeking higher operational effective-
ness, greater flexibility and lower oper-
The company leverages its expe-
rience as "the pioneers in business
process outsourcing" to offer inno-
vative outsourcing solutions.
CEPS provides payment processing
services to the Caribbean and Latin
America as well as the United State.
These services encompass all types
of payment methods including Chip
and PIN (EMV) compliant cards.
T&T moves toward
Signing the Memorandum of Understanding between Quatrro, Caribbean Electronic Payments and TTIFC are,
sitting from left, Rajesh Dhuddu, VP-Market Development, Quatrro Global Services; Franco Siu Chong, chairman,
TTIFC; and David Cole CEO, Caribbean Electronic Payment System. Looking on at the back, from left are, Dave
Sahadath, chief marketing officer, Gobal Business Development, Caribbean Electronic Payment System, Trade
Minister Vasant Bharath and Varum Maharaj CEO, TTIFC. PHOTO: SHIRLEY BAHADUR
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