Nova acquires Certegy merchant acquiring portfolio

Nova acquires Certegy merchant acquiring portfolio

Nova Information Systems, a payment processing subsidiary of US Bancorp, is to acquire Certegy's merchant acquiring portfolio.

The deal provides Nova with 14,000 acquired locations and approximately $3 billion in additional volume annually. Merchant conversions are expected to be completed by the end of 2005.

As part of the joint marketing agreement, Nova will sell Certegy's regional cheque products through its merchant sales force, and Certegy will provide Nova with new merchant referrals through its US sales force.

The deal is the latest in a long line of merchant portfolio acquisitions both in the US and internationally by Nova, and follows on from February's take over of South Trust Bank's 16,000 merchant processing accounts.

Pamela Joseph, president and chief executive officer, Nova Information Systems, comments: "Once again we have demonstrated our strong ability to partner with financial services providers to extend merchant processing services to their customers."

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