PRODUCTIVE Business Solutions (PBS) Group is expanding its payment technology business through a new partnership with Firemane, a move that will allow the regional technology provider to offer banks and other financial institutions a wider range of payment processing solutions across Latin America and the Caribbean.

The agreement, announced on Tuesday, builds on a relationship spanning more than a decade and will see PBS introduce Firemane’s proprietary FMPOS software platform to more customers across its regional network.

The partnership is part of PBS’s broader strategy to diversify its operations across 24 markets and expand its presence in the growing electronic payments sector.

“Payment solutions represent an important area of growth for PBS as we continue to diversify our portfolio and expand what we can offer our customers,” PBS Group CEO Pedro Paris said.

“Our partnership with Firemane strengthens our payments capabilities and enhances our integrated portfolio spanning seven business areas. It is another step in bringing together the technologies and expertise our customers need from a single, trusted partner.”

The arrangement will allow PBS to expand its offering beyond physical payment cards and card issuance services to include more advanced point-of-sale (POS) technology used by merchants to process electronic transactions.

It will also allow PBS to offer Firemane’s FMPOS software, which enables banks and payment processors to use terminals from different manufacturers rather than being tied to a single supplier. This means financial institutions can choose from a wider range of equipment when upgrading or expanding their payment systems.

Further, the platform supports the remote management of payment terminals, software updates and other services required to maintain large networks of electronic payment devices.

FMPOS is already established in Central America, where its payment application has been certified by several banks and is being used to support merchant payment services.

Under the expanded arrangement, PBS will combine Firemane’s software and hardware capabilities with its own regional distribution network, technical teams and relationships with financial institutions to introduce the technology to more markets.

Firemane will also provide software development expertise and assistance with the certification processes required before financial institutions can deploy the technology.

The partnership is expected to strengthen PBS’s ability to provide payment systems tailored to the requirements of individual banks and other financial institutions.

Firemane CEO Paddy Neill said the two companies are building on an established working relationship.

“We’ve worked with PBS for more than a decade, so this is a natural next step in our relationship. PBS has significant scale across the region, strong local teams, and long-standing relationships with many of the financial institutions across the region,” Neill said.

“By combining that reach with Firemane’s payment technology, software, and global hardware capabilities, we have a real opportunity to accelerate the deployment of modern payment solutions across Latin America and the Caribbean.”

The companies have not disclosed the financial value of the partnership, projected revenue or how soon the expanded services will become available in individual markets.

PBS, which is part of the Musson Group and listed on the Jamaica and Barbados stock exchanges, has built its operations around technology distribution, engineering and managed services. The company employs more than 3,000 professionals across its regional network.