he didnt post as I thought... anyone read this as well?
First Data, Chase Agree to Integrate Chase Merchant Services, Paymentech05.10.2005 21:15:00
Chase Paymentech Solutions, LLC Delivers Greater Processing Capabilities Through Expanded Direct Sales, Branch Network; Chase Continues STAR(R) Network Relationship
JPMorgan Chase & Co. (NYSE:JPM) and First Data Corp. (NYSE:FDC)announced today that they have completed the agreement to integratethe companies' jointly owned Chase Merchant Services and Paymentechmerchant businesses, to be operated under the name of Chase PaymentechSolutions, LLC. The joint venture will be owned in the aggregate -- 51percent by Chase and 49 percent by First Data. Oversight will beprovided through a board on which the owners will be equallyrepresented.
Chase Paymentech Solutions will be directed by a combinedexecutive team led by Michael P. Duffy, Paymentech's current presidentand chief executive officer. Duffy brings two decades of paymentsindustry experience to this role.
Chase Paymentech Solutions will provide merchants with the leadingproducts and processing capabilities of Paymentech, Chase MerchantServices and First Data, combined with extensive employee industryexpertise. Chase Paymentech Solutions brings together the recognizedleadership of Chase Merchant Services in national, travel andentertainment merchant processing with the established expertise ofPaymentech in Internet, catalogue, and recurring billing merchantprocessing.
As part of the realignment, Chase Paymentech Solutions has enteredinto a five-year processing relationship with First Data MerchantServices. Chase Paymentech Solutions will process approximately 13.1billion transactions annually with more than $500 billion in annualbankcard volume in both the United States and Canada.
"Both companies are market leaders and their integration createsan excellent opportunity to provide merchants with the best array ofproducts and services in the industry," said Bill Campbell, chairman,Chase Card Services.
"Today's agreement to integrate the merchant businesses buildsupon a 25-year relationship between Chase and First Data, arelationship that has advanced the payment industry and deliveredinnovation and choice to merchants and consumers," said Charlie Fote,chairman and chief executive officer, First Data Corporation.
"Building on the extraordinary strength of both ventures, ChasePaymentech Solutions will bring the most innovative products and highquality service to our clients," said Duffy.
Also announced today, Chase has agreed to continue to be a memberof First Data's STAR(R) Network (STAR(R)) for a component of its debitbusiness. STAR is an industry leader in delivering PIN-secured debitaccess through 1.7 million ATM and point-of-sale locations coast tocoast.
About Chase Paymentech Solutions
Chase Paymentech Solutions, LLC, headquartered in Dallas, Texas,will be the nation's largest financial transaction processor forbusinesses accepting payments via traditional point of salehospitality, Internet, catalog and recurring billing. The privatelyheld company is an end-to-end processor for merchants of all sizes andindustries and is a result of the 2005 integration of the formerPaymentech and Chase Merchant Services. The integrated companies willprocess approximately 13.1 billion transactions annually with morethan $500 billion in annual bankcard volume in both the United Statesand Canada.
About First Data
First Data Corp. (NYSE:FDC) is a leading provider of electroniccommerce and payment solutions for businesses and consumers worldwide.Serving 4.1 million merchant locations, 1,700 card issuers andmillions of consumers, First Data powers the global economy by makingit easy, fast and secure for people and businesses around the world tobuy goods and services using virtually any form of payment. Thecompany's portfolio of services and solutions includes credit, debit,private-label, smart and stored-value card issuing and merchanttransaction processing services; money transfer services; moneyorders; fraud protection and authentication solutions; check guaranteeand verification services through TeleCheck; as well as Internetcommerce and mobile solutions. Western Union and its subsidiary,Orlandi Valuta, together make up one of the world's largest moneytransfer networks with approximately 238,000 Agent locations in morethan 200 countries and territories. The company's STAR Network offersPIN-secured debit acceptance at 1.7 million ATM and retail locations.For more information, visit
www.firstdata.com. About JPMorgan Chase JPMorgan Chase & Co. (NYSE:JPM) is a leading global financialservices firm with assets of $1.2 trillion and operations in more than50 countries. The firm is a leader in investment banking, financialservices for consumers and businesses, financial transactionprocessing, asset and wealth management, and private equity. Acomponent of the Dow Jones Industrial Average, JPMorgan Chase & Co.has its corporate headquarters in New York and its U.S. consumer andcommercial banking headquarters in Chicago. Under the JPMorgan, Chaseand Bank One brands, the firm serves millions of consumers in theUnited States and many of the world's most prominent corporate,institutional and government clients. Information about the firm isavailable at
www.jpmorganchase.com.