Evry, 17 sept 2008

Following the joint launch of the ReceiveAndPay payment solution in early 2007, SOFINCO and FIA-NET have decided to join forces. SOFINCO has acquired 100 per cent of FIA-NET's share capital.

Given the rapid growth in e-commerce, of which total sales in France advanced 34 per cent in 2007, this acquisition will enable SOFINCO to consolidate its longstanding involvement in e-commerce sites. The acquisition will also enable FIA-NET to continue growing, especially by drawing on SOFINCO's international coverage and making its expertise available to other companies within the Crédit Agricole Group.

ReceiveAndPay is a unique online payment service, making purchases fully secure and providing unrivalled protection for consumers. Payment is made only after goods have been received and checked relative to the description given on the vendor site. The buyer also enjoys a range of payment options: a single bank card payment, payment in three instalments at no extra cost or payment in several instalments using a credit reserve.

ReceiveAndPay also meets the needs of e-commerce sites; for some it has become the main means of payment. ReceiveAndPay is now offered on nearly 300 merchant sites; and more than 100 others are being technically integrated.

As soon as the buyer submits the order, payment is immediate, guaranteed and irrevocable. Thus, e-commerce sites benefit simultaneously from FIA-NET's fraud detection and guarantee services and SOFINCO's customer finance offers.

ReceiveAndPay is also a source of additional revenue: a recent study showed that in the month following its introduction on an e-commerce site, the value of the average basket rose by around 15 per cent.