Concord EFS Inc. said it has been chosen to provide back-office support for Bridgeview Bank and Trust Co.'s merchant processing business.
Concord is extending its marketing of processing services, taking aim at larger-bank processing deals. Bridgeview, a $350 million-asset bank in the Chicago area, has 14,000 merchant customers and is adding 600 to 800 a month.
Principal bank processing is a natural market for Concord, said Edward A. Labry, president of the Memphis company, which recently acquired the MAC automated teller machine network and other transaction processing operations of Electronic Payment Services Inc. of Wilmington, Del.
We process for some of the largest retailers in the U.S., but our merchant bank processing has historically been focused on the smaller end of the market, Mr. Labry said. We have the product, the scale, and the expertise to provide a new alternative for large banks seeking to outsource their merchant processing.
Tom Haleas, executive vice president of Bridgeview Bank and Trust, said, We need top-notch processing, but we also want flexibility, and we believe Concord will give us both.