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Table of Contents

Lead Story

The power to pay it forward

News

Industry Update

FTC agrees to settle with TJX

UIGEA - punt or pass?

Welcome to Bank of AmEx

Splitsville for First Data, JPMC

A taxing situation

TJX cyber thieves get slammed

Features

Gather 'round for a tale of business savvy and doom

Prepaid en fuego in Latin America

The golden rule of payments

The long road to payments

Views

Visa's 'campaign' promise

Ken Musante
Humboldt Merchant Services

Education

Street SmartsSM:
Ask and ye shall sell

Jason Felts
Advanced Merchant Services

Preparing to sell a micro deal

Lane Gordon
MerchantPortfolios.com

A clean exit

Adam Atlas
Attorney at Law

Get time on your side

Vicki M. Daughdrill
Small Business Resources LLC

Want to be trusted? Earn it

Nancy Drexler
SignaPay Ltd.

Company Profile

CSH Consulting Inc.

New Products

Processing on the edge

TransNet
Precidia Technologies Inc.

True end-to-end encryption

Hypersafe Secure
Hypercom Corp.

Inspiration

The magic of gratitude

Miscellaneous

POScprit

Departments

Forum

Resource Guide

Datebook

Skyscraper Ad

The Green Sheet Online Edition

November 24, 2008  •  Issue 08:11:02

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Splitsville for First Data, JPMC

First Data Corp., the world's largest processor, and financial titan JPMorgan Chase & Co. amicably terminated their joint venture, Chase Paymentech Solutions LLC, the leading merchant acquirer worldwide. Both JPMC and First Data concluded merchant acquiring and payment processing are core to their business strategies and decided to operate their respective shares of the former joint venture independently.

First Data assumed 49 percent of Chase Paymentech's merchant portfolio, which includes its full-service ISO, First Data Merchant Services, and agent bank unit.

First Data also completed incorporating its proportionate share of the joint venture's assets and employees into its existing merchant acquiring business.

JPMC integrated its 51 percent share of the joint venture as part of its card services division, which will continue to operate under the name Chase Paymentech. The company retains its processing platform and services, which include approximately half of all global e-commerce and Internet transactions.

Independently optimistic

"We are enthusiastic about what the future holds for Chase Paymentech now that we are wholly owned by JPMorgan Chase," said Mike Duffy, President of Chase Paymentech. "The payments industry is very dynamic and is undergoing a significant evolution at the moment. This means we can continue to deliver the high-quality service our customers have come to expect, while expanding our range of global payments and data solutions."

For First Data, the end of the joint venture signals a new phase of product development and expansion. "First Data is investing in new technologies such as analytics, e-commerce, mobile payments, alternative payment platforms and a comprehensive suite of check and prepaid solutions," said Brian Mooney, President, First Data Merchant Services.

Notice to readers: These are archived articles. Contact names or information may be out of date. We regret any inconvenience.

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Spotlight Innovators:

North American Bancard | Harbortouch | USAePay | IRISCRM.COM | Humboldt Merchant Services