First Security Corp. and First Data Corp. have formed a joint merchant processing venture.
As in other First Data merchant-bank alliances, the First Data Merchant Services Corp. subsidiary will share ownership in First Security Merchant Services LLC. The bank is the principal client contact, supported by First Data.
"We look forward to the added functionality and 110% service that this alliance will bring to our merchant credit card customers," said J. Patrick McMurray, First Security's executive vice president of community banking services, using the Utah-based company's "110%" motto. "Unlike many in our industry who have chosen to exit the merchant servicing business, we see benefit in finding a creative approach that allows us to stay involved and bring added value to our merchants."
Charles T. Fote, First Data executive vice president, said, "Our partnership with First Security reinforces First Data's commitment to the merchant-bank alliance program and the merchant processing business in general."