First Data Inks Processing Pact With Discover
DENVER – First Data Corp. announced Friday it has signed a contract to process millions of accounts for small and medium-sized business customers of Discover Financial Services, including restaurants, retailers and specialty stores. First Data said it expects to begin pilot programs with merchants in certain geographic areas this summer, and to offer the service on a wider scale beginning in the fourth quarter. Financial terms of the deal were not disclosed. Discover Financial is the owner of the PULSE EFT network and a wholly owned unit of Morgan Stanley.