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 Reserve authorized a bid by Morgan Stanley to incorporate its German investment bank under its U.S. bank subsidiary. Three Biden nominees on the Fed board dissented, citing concerns that the move could heighten risks for the U.S.-based investment banking giant.
In three separate appearances Thursday, Fed Gov. Lisa Cook, Gov. Michael Barr and Vice Chair Philip Jefferson said they are worried that U.S. involvement in the war with Iran could drive up inflation, leading them to conclude that interest rates should remain steady in the near term.
Federal Reserve Gov. Stephen Miran on Thursday detailed a plan to reduce the central bank's balance sheet, saying a smaller footprint would reinforce policy boundaries but could also bring more market volatility.
The Canadian bank laid out its rationale Thursday for opening new branches in California. The objective is to increase density in the Golden State, and subsequently achieve greater market share and higher returns.
The legislation would grant the Consumer Financial Protection Bureau, among other agencies, more oversight of airline-branded credit cards and rewards schemes.
PayPal, Stripe, Visa and Mastercard must be vigilant against offboarding clients for political or religious reasons, the Federal Trade Commission warned Thursday.
