First Data Corp. has bought Bank One Corp.'s transaction processing services.
The unit processes debit cards and checks for cash management accounts, credit cards for community banks and group service providers, and the majority of Bank One's Visa check cards. About 350 Bank One employees became First Data employees.
First Data now processes Bank One's 3.8 million off-line debit cards and more than 1.5 million broker debit cards. First Data had already processed debit cards for the banking company, and the deal brings the total of Bank One debit card accounts processed by First Data to more than 6.7 million.
"The transaction processing unit is an ideal fit with First Data businesses-both in the card processing and check processing areas," said Charles T. Fote, president and chief operating officer of First Data.