Look out PMT! NOVA Information Systems, Inc., a wholly owned subsidiary of NOVA Corporation, has acquired the merchant processing portfolios of both MBNA America Bank N.A. and Intrust Bank N.A.
The MBNA transaction closed on December 30, 1997 and stipulates that NOVA will provide payment-processing services to merchant accounts originated through MBNA. The Intrust transaction was effective January 28.
Of the MBNA transaction, Edward Grzedzinski, NOVA Corporation Chairman and CEO said, "The new marketing relationship with MBNA and its affinity groups will enhance our already strong retail distribution network and will help us gain access to the professional services community which, we believe, is an attractive and growing market niche for electronic payment services."
The transactions add to NOVA's alliances formed in 1997, which include the acquisition of Crestar Bank's merchant portfolio and the formation of merchant processing joint ventures with Firstar Corporation and KeyCorp.
