22 August 2017
Visit http://response.ncr.com

Visa and First Data settle four year dispute

05 July 2006  |  8238 views  |  0 First Data

Visa USA and First Data have settled a legal dispute, pending since 2002, over the processing of Visa payment card transactions.

Visa first filed suit against First Data in April 2002 in a bid to block the expansion of processing credit card transactions through First Data Net. In August that year Visa added a ban on all private arrangements to authorise or to clear and settle transactions outside of VisaNet.

In November 2002, First Data filed a counter suit against Visa, alleging anti-competitive practices.

Specific terms of the settlement are confidential, but in today's statement First Data says it has agreed to transfer private arrangements between itself and Visa member financial institutions onto the VisaNet payment processing system.

Visa says it will provide "financial support" to pursue mutual business opportunities and cost cutting initiatives with First Data.

Commenting on the settlement, Ric Duques, First Data CEO, says: "By resolving this matter, both First Data and Visa can move forward and work together to create new business opportunities for all stakeholders in the payments business.

"Card issuers, merchants and cardholders alike can expect more focus on creating choice, convenience and innovation in the payments marketplace."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

First Data sues Visa; alleges anti-competitive practices

First Data sues Visa; alleges anti-competitive practices

06 November 2002  |  4212 views  |  0 comments

Related company news


Related blogs

Create a blog about this story (membership required)
visit www.niceactimize.comvisit www.vasco.comdownload the paper now

Who is commenting?

A Finextra member Finextra Member Commented on: Real-time payments in...
A Finextra member Finextra Member Commented on: Barclays uses sensors...

Top topics

Most viewed Most shared
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
12231 views comments | 26 tweets | 23 linkedin
Barclays pairs banking data with third party apps for SmartBusiness DashboardBarclays pairs banking data with third par...
10751 views comments | 22 tweets | 33 linkedin
hands typing furiouslyWhy Is Risk Analytics Important?
10103 views 0 | 6 tweets | 1 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
9991 views comments | 10 tweets | 8 linkedin
Australia regulates digital currenciesAustralia regulates digital currencies
9887 views comments | 21 tweets | 34 linkedin