| whatif_3 |
10-05-2005 05:32 PM |
Bank merger, will this affect epoch at all?
Paymenttech just merged with FDR, who does not process adult, FDR would not allow ibill to keep processing adult through them
will this affect epoch processing?
FIRST DATA, CHASE AGREE TO INTEGRATE MERCHANT ACQUIRING BUSINESSES: First Data Corp. and JP Morgan Chase & Co. announced late this afternoon 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's president and CEO, will lead the combined firm. Chase Paymentech has 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 bank card volume in the U.S. and Canada. As part of the deal, Chase will continue to use First Data's Star network to process a "component" of Chase's business.
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