Bank of America and First Data, Now Fiserv, Set Future Merchant Services Strategy
July 29 2019 - 4:50PM
Business Wire
Companies’ Joint Venture to End Next Year; Both
Remain Committed to Clients, Continuity of Service and Ongoing
Relationship
Bank of America and First Data, now Fiserv, today announced that
they will pursue independent merchant services strategies beginning
June 2020, when the contract concludes for the companies’ joint
venture, Banc of America Merchant Services. Bank of America and
First Data have an agreement to provide uninterrupted delivery of
products and services to Banc of America Merchant Services’ clients
through at least June 2023. Going forward, First Data will be an
important service provider supporting Bank of America’s global
payment solutions.
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“Payments are at the core of our business, and this announcement
is another step forward in our global strategy to provide companies
of all sizes an integrated payment offering. We look forward to
investing in our merchant solution and delivering the capabilities
our clients need to thrive in an ever-changing payments
environment,” said Mark Monaco, head of Enterprise Payments at Bank
of America. “We look forward to continuing our long-standing
business relationship with First Data.”
“We are excited for the next phase of our relationship with Bank
of America, and are committed to continuing to provide
market-leading products and services to the bank and its clients,”
said Guy Chiarello, chief administrative officer of Fiserv. “We
look forward to supporting Bank of America’s future merchant
services solutions and broader payments strategy as we continue to
focus on delivering innovative payment solutions that enable the
movement of money and information with ease, speed and
convenience.”
Bank of America Bank of America is one of the world’s leading
financial institutions, serving individual consumers, small and
middle-market businesses and large corporations with a full range
of banking, investing, asset management and other financial and
risk management products and services. The company provides
unmatched convenience in the United States, serving approximately
66 million consumer and small business clients with approximately
4,300 retail financial centers, including approximately 2,200
lending centers, 2,400 financial centers with a Consumer Investment
Financial Solutions Advisor and 1,700 business centers;
approximately 16,600 ATMs; and award-winning digital banking with
more than 37 million active users, including approximately 28
million mobile users. Bank of America is a global leader in wealth
management, corporate and investment banking and trading across a
broad range of asset classes, serving corporations, governments,
institutions and individuals around the world. Bank of America
offers industry-leading support to approximately 3 million small
business owners through a suite of innovative, easy-to-use online
products and services. The company serves clients through
operations across the United States, its territories and
approximately 35 countries. Bank of America Corporation stock
(NYSE: BAC) is listed on the New York Stock Exchange.
For more Bank of America news, including dividend announcements
and other important information, visit the Bank of America
newsroom. Click here to register for news email alerts.
www.bankofamerica.com
First Data is now part of Fiserv, Inc. (NASDAQ: FISV).
Fiserv, Inc. (NASDAQ: FISV) aspires to move money and
information in a way that moves the world. As a global leader in
payments and financial technology, the company helps clients
achieve best-in-class results through a commitment to innovation
and excellence in areas including account processing and digital
banking solutions; card issuer processing and network services;
payments; e-commerce; merchant acquiring and processing; and the
Clover™ cloud-based point-of-sale solution. Fiserv is a member of
the S&P 500® Index and the FORTUNE®500, and is among the
FORTUNE Magazine World’s Most Admired Companies®. Visit fiserv.com
and follow on social media for the latest company news.
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version on businesswire.com: https://www.businesswire.com/news/home/20190729005729/en/
Reporters May Contact: Betty Riess, Bank of America,
1.415.913.4416 betty.riess@bofa.com
Ann Cave, Fiserv, 1.678.325.9435 ann.cave@fiserv.com
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