First Data has completed its $750 million acquisition of CardConnect, an acquisition that will both add scale and expedite several programs underway to diversify First Data's payments technology.
Processing Content
CardConnect will add partner management tools, speed up First Data's independent software vendor initiative and ease the integration of First Data's technology with payment systems that are linked to enterprise resource planning programs, according to First Data.
Frank Bisignano, chief executive officer of First Data Corp., speaks during a Bloomberg Television in New York, U.S., on Thursday, Feb. 19, 2015. Bisignano discussed the transition to chip and pin credit card technology and his take on Apple Pay. Photographer: Victor J. Blue/Bloomberg *** Local Caption *** Frank Bisignano
Victor J. Blue/Bloomberg
Jeff Shanahan, CardConnect's CEO, will continue to lead CardConnect operations and will serve as an Executive Vice President and member of First Data's management committee, reporting to First Data Chairman and CEO Frank Bisignano.
First Data hopes the deal will help it build its own and third-party systems for payment processing, gift cards, check acceptance, debit, e-commerce, marketing, CRM, security and hardware.
The company has also recently partnered with Silicon Valley Bank to locate early stage payments technology, FleetCor to boost digital gifting, and acquired Acculynk to bolster e-commerce.
John Adams is executive editor of payments for American Banker. John interviews top executives in the payments, cryptocurrency and fintech... Read full bio
The Federal Trade Commission has ended enforcement of disparate-impact claims under federal antidiscrimination law, aligning with the stance taken by other federal agencies during the Trump era.
Berger Financial Group plans to more than double its footprint and staff, and Investcorp is looking at more opportunities beyond supporting Berger in the "untapped" wealth space.
Gateway Bank, which has narrowed its losses under new CEO Mukhtar Ali, hired a team of residential-construction lenders to speed its return to profitability.
The core provider is conducting a review of its offerings after a 21% decrease in earnings per share and a drop in revenue from its core banking sector.
Near-term expectations for price growth fell in the latest consumer sentiment survey from the Federal Reserve Bank of New York, but remains above the central bank's target across all time horizons.
