Newly independent payments technology firm Metavante has inked a merchant processing agreement with Discover Financial Services. The agreement will provide for merchant acceptance of Discover Network card transactions, and give Metavante clients more POS payment options and a single-source payment processing system for Discover cards. The Metavante-Discover agreement provides consolidated services for card transaction acquiring and processing, settlement, pricing, statements, risk management and customer service, according to Metavante. Metavante Merchant Services clients will also receive a single deposit for easier balancing, settlement and monthly reconciliation.
Discover is pushing hard to increase its merchants payments business since its June 2007 spinoff from Morgan Stanley. The card association earlier in the fall reached an agreement with Wells Fargo to expand is merchant payment acceptance options to 214,000 Wells corporate clients, who in turn get a single-source relationship for Discover acceptance and processing.
