American Express Co. has signed an agreement to license smart card technology from Banksys, a company owned by 60 Belgian banks.

The deal has been the subject of card industry rumors for more than a month. The rumors have been accompanied by reports that MasterCard International would acquire Mondex, the British stored value system, and that Visa U.S.A. would invest in SmartCash, a system developed by Electronic Payment Services Inc., owner of the MAC network.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.