DALLAS – JP Morgan Chase announced it has completed the separation of its Chase Paymentech merchant acquiring operation from First Data Corp., making Paymentech a wholly owned subsidiary of the banking giant.
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The assets of the former joint venture with First data have been integrated into the bank as part of its card services divisions and will continue to operate under the name Chase Paymentech.
As part of the termination of the joint venture, Chase Paymentech will retain its payment processing platform and operations, the majority of the joint venture’s employees and 51% of its client base. First Data will get the remaining clients.
