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First Data transitions Chase Paymentech portfolio
November 12, 2008
DENVER — First Data says it has successfully terminated its joint venture, Chase Paymentech Solutions, with JPMorgan Chase & Co. Both companies now operate separate payment businesses.
First Data's core business is providing data-driven solutions and insight to both brick-and-mortar and e-commerce merchants through market-leading services and technologies that advance global electronic payments. First Data's investment in its portfolio of product offerings from loyalty programs to data analytics and mobile commerce solutions will enable merchants to differentiate themselves in the marketplace.
"Ensuring there was no disruption to our allocated merchant partners or employees during this transition was a priority for First Data and JPMorgan Chase," said Brian Mooney, president of First Data's Merchant Services group. "As the payments industry evolves, the value proposition to merchants becomes more about delivering new technologies that enhance the consumer experience wherever they may choose to buy and First Data has the breadth and depth of solutions to do just that."
First Data has assumed its 49 percent share of the merchant portfolio which includes management of the full-service ISO and agent bank unit of the JV. First Data will continue to provide processing services for a segment of the business allocated to JPMorgan Chase.
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