18 December 2017
visit www.avoka.com

Chase acquires Paymentech commercial card business

21 November 2000  |  3398 views  |  0 Chase acquires Paymentech commercial card business

Chase Manhattan is to purchase the operations of the commercial credit card-issuing subsidiary of Paymentech.

The Paymentech unit, based in Salt Lake City, is a Visa and MasterCard commercial card issuer. The transaction includes a commercial card portfolio totaling approximately 230,000 cards and approximately $200 million in receivables. The transaction is expected to close in the first quarter of 2001, pending regulatory approval.

Richard Srednicki, Chase executive vice president in charge of its credit card business comments: "This strategic purchase brings us the industry's first robust Internet-based administration and reporting platform."

He says Chase commercial card customers will be able to use the system to access a suite of Web-based account management, expense reporting, electronic statement and payment tools.

Lorraine Hricik, EVP, Chase treasury solutions, adds: "Now, Chase will not only be a premier provider of commercial cards, but our new capabilities will allow Chase to offer our customers improved e-procurement solutions to streamline payment, reconciliation and data integration for business-to-business purchases."

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

Chase consolidates EBPP platform

Chase consolidates EBPP platform

17 November 2000  |  2604 views  |  0 comments
Chase boards Voyager for next generation

Chase boards Voyager for next generation

15 November 2000  |  2869 views  |  0 comments
CIBC swaps card business for NDC e-commerce stake

CIBC swaps card business for NDC e-commerce stake

10 November 2000  |  2753 views  |  0 comments
Chase selects Tantau for m-commerce roll out

Chase selects Tantau for m-commerce roll out

02 November 2000  |  2679 views  |  0 comments
Chase launches account aggregation service

Chase launches account aggregation service

17 October 2000  |  5451 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.response.ncr.comvisit www.atos.netvisit www.aciworldwide.com

Top topics

Most viewed Most shared
satelliteRipple completes XRP Lockup
11049 views comments | 3 tweets | 2 linkedin
Banks tap Ethereum smart contracts for MiFID II complianceBanks tap Ethereum smart contracts for MiF...
8591 views comments | 15 tweets | 15 linkedin
Banks and fintech startups join forces on blockchain-based supply chain pilotBanks and fintech startups join forces on...
7537 views comments | 19 tweets | 22 linkedin
Nordea takes Open APIs into live productionNordea takes Open APIs into live productio...
7022 views comments | 6 tweets | 26 linkedin
hands typing furiouslyReshaping Customer Engagement & Da...
6961 views 0 | 4 tweets | 2 linkedin

Featured job

Find your next job