News Flash News

November 01, 2005, 12:19 p.m. EST 1 Min Read

  First Data Corp. and J.P. Morgan Chase & Co. announced Oct. 5 that they will integrate their companies' jointly owned Chase Merchant Services and Paymentech merchant-acquiring businesses. The new firm will operate under the name Chase Paymentech Solutions LLC, with Chase owning 51% and First Data 49%. Michael P. Duffy, Paymentech president and CEO, will lead the combined firm. Chase Paymentech also entered into a five-year processing deal with First Data Merchant Services. The new firm says it will process about 13.1 billion transactions worth over $500 billion in annual bankcard volume in the U.S. and Canada. As part of the deal, Chase will continue to use First Data's Star network to process signature-debit transactions. Chase recently switched from Star to Interlink as its primary PIN-based point-of-sale debit mark.
  (c) 2005 Cards&Payments and SourceMedia, Inc. All Rights Reserved.
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