Chemical Banking Corp. said it has decided to sell its home-banking processing business, the country's largest, to MasterCard International for an undisclosed sum.

For MasterCard, the deal is a boon, since it will bolster the association's recently announced bid to become a home banking powerhouse through a joint venture with Checkfree Corp. of Westerville, Ohio, called MasterBanking. The aim is to provide back-office processing for bill payments and banking transactions initiated by computer or telephone.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.