STRATEGIC PARTNERS
February 26, 2002
ST. LOUIS, MO -- MasterCard has purchased the debit processing switch previously operated by Bank One Corporation, as a step on the road to its vision of running an integrated payment processing platform. MasterCard has acquired both the software and hardware of the switch and is opening a Detroit office to house staff, hardware and software processing functions.
"Our goal is to offer our members a single point of connectivity, and gain control over service delivery and operational reliability," said Jerry McElhatton, president, MasterCard Global Technology and Operations. "This move will help us deliver a fully integrated payment platform."
The sale price was not disclosed. The majority of the switch staff is joining MasterCard and will continue to be based in Detroit. MasterCard plans to eventually move some operational functions to St. Louis.
McElhatton said that the transition would be seamless to members and cardholders.
