ATLANTA - Payment processor First Data Corp. and digital certificate provider Entrust Technologies Inc. said Tuesday they will form a company, PaymentWave, to focus on business-to-business payment products.

The companies have each invested an initial $10 million in cash and committed employees to the joint venture, which will accept, process, and settle all electronic payment types, including credit, private label, and purchasing cards, and domestic and international electronic funds transfers. The software will support escrow and payment scheduling services.

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