MasterCard International and Mascon Global have entered into a joint venture to develop and maintain core processing software for MasterCard. The new company is called Mascon-MasterCard Global Technology Services.
Mascon holds a 51 per cent stake in the new entity with the remaining 49 per cent being held by MasterCard. "This is an equal partnership where both partners have equal presentation on the board," said Naru Narayanan, managing partners, Mascon Global.
The new entity will develop and maintain proprietary software for MasterCard's core processing functions of authorisation, clearing and settlement. In addition, it will provide consulting services to MasterCard member financial institutions, processors and vendors.
The joint venture will operate a sophisticated and secure software development centre in Chennai and the plan is to have a 300-seat facility. The centre will begin with about 100 people and eventually expand to a 300-seat facility.
The new entity will begin operations with a base revenue of about $4-5 million and will focus on leveraging its strengths to create products and services for the financial services sector, according to Jerry McElhatton, senior executive vice-president, MasterCard Global Technology and Operations.
