Nova to buy Alliance & Leicester's merchant acquiring business
30 April 2004 | 30999 views | 0
Nova Information Systems (Nova) has signed a a definitive agreement to acquire Alliance & Leicester Commercial Bank's (ALCB) merchant acquiring business.
Nova's UK-based unit EuroConex Technologies will manage the processing services for ALCB's 27,000+ merchant customers in the UK.
Merchant processing services will continue to be marketed under the Alliance & Leicester brand.
Billy Saunderson, CEO, euroConex, says: "We can seamlessly manage the transition of a merchant processing portfolio. Alliance & Leicester's merchant customers will continue to benefit from advanced processing services, and will have access to a full portfolio of solutions fitting the needs of a variety of vertical markets."
Commenting on the deal, Richard Banks, MD of wholesale banking, Alliance & Leicester, says: "Our strategy is to provide our customers with a range of services, with core products being manufactured in house, while working in alliance with a range of world class organizations in order to provide others."
In addition to debit and credit card processing services, euroConex supports EMV chip and PIN as well as multi-currency and dynamic currency conversion (DCC).
US Bancorp subsidiary Nova has also recently announced plans to purchase Union Bank of California's merchant payments processing business as well as Bank Zachodni WBK's CardPoint unit. The company is also buying the remaining 50% of euroConex that it doesn't already own from the Bank of Ireland.