SIBS MB, headquartered in Lisbon, Portugal, has inked a pact with Discover Financial Services regarding the Illinois-based payments company’s cards. It means that Discover, Diners Club International and related cardholders will be able to use their cards on the SIBS MB network at merchant and ATM locations across Portugal.
According to a Tuesday (July 13) press release, the agreement will also let the Portuguese payments provider issue MB cards that will be accepted on the Discover Global Network for international purchases and cash withdrawals outside Portugal. The card can be used on the Discover network at 50 million outlets in 200 countries and territories.
“This strategic partnership with Discover reinforces SIBS’ continuous efforts to offer multiple payment options on a global scale,” said SIBS MB CEO Ana Grade, per the release. “We believe that this new alliance with the Discover Global Network” will be great for tourists out to shop in Portugal, added Grade.
“Through alliances with strong regional payments networks such as SIBS MB, Discover is able to provide our partners with the global reach, technical solutions, scale and the independence that they value,” said Matt Sloan, managing director, EMEA, at Discover.
Since it was started in 1986, Discover Financial Services has turned into one of the most recognized brands in U.S. financial services — and one of the largest card issuers in the U.S. The company also offers student loans, personal loans, home loans, checking and savings accounts and certificates of deposit through its banking business.
In a 2020 news release, SIBS said its Instant Payments Solution platform, launched in 2018, guarantees instant payments processing at a national level. The company added that the platform is “now also providing these operations between European financial institutions. The service is available 24 hours a day, seven days a week, 365 days a year, ensuring that funds reach beneficiaries’ accounts in seconds.”
SIBS took its instant-payments service international last October.
The expanded service “allows Portugal to return to being at the forefront of the payments sector, contributing once again to the growth of electronic payments in Portugal and Europe,” SIBS CEO Madalena Cascais Tomé said. “The work carried out by SIBS allows the Portuguese banks to offer their customers the solution for pan-European instant payments.”