JPMorgan Chase and First Data have announced the integration of Chase Merchant Services and Paymentech
JPMorgan Chase and First Data have announced the integration of Chase
Merchant Services and Paymentech to create a new merchant solutions company,
Chase Paymentech Solutions, LLC, jointly held by JPMorgan Chase (51%) and
First Data (49%).
In an announcement letter to
merchants, Robert Wechsler, Executive Vice President of Chase Merchant Services, wrote that
this integration, “Combines two leading edge companies that have been at
the forefront of technology innovation in the merchant community for more
than a decade,” and reminded merchants that, “There are no changes
planned to (Merchants) current service relationship, contract or processing
connections with Chase Merchant Services.”
This integration is expected to be completed by
mid-2006, so watch this space for further announcements!
Source: JPMorgan Chase