16 January 2018
visit www.avoka.com

Chase Paymentech becomes wholly-owned JP Morgan unit

03 November 2008  |  2075 views  |  0 Source: Chase Paymentech

Chase Paymentech, a leader in merchant acquiring and payment processing, today announced the completion of its transition from a joint venture with First Data Corp to a wholly-owned unit of JPMorgan Chase.

The assets of the joint venture owned by JPMorgan Chase have been integrated into the bank as a part of its card services division and will continue to operate under the name Chase Paymentech.

"We are enthusiastic about what the future holds for Chase Paymentech now that we're wholly owned by JPMorgan Chase," said Mike Duffy, president of Chase Paymentech. "The payment industry is very dynamic and is undergoing a significant evolution at the moment. Our new position within JPMorgan Chase gives us a global reach and resources unmatched in our industry. This means we can continue to deliver to our customers the high-quality service they have come to expect, while expanding the available range of global payment and data solutions."

As part of its new ownership, Chase Paymentech retains its state-of-the-art payment processing platform and operations, the majority of the joint venture's employees and 51% of the client base, which includes customers representing approximately half of all global e-commerce and Internet transactions.

"We are committed to being the leader in the global payments industry," Duffy said. "Merchants are looking beyond the services offered by most payment processors. They want a merchant acquirer that provides expanded services, such as cash flow management, alternative payments and advanced analytics. We fully expect to be at the forefront of the industry."


Comments: (0)

Comment on this story (membership required)

Related company news


Related company information

JPMorgan Chase

Related blogs

Create a blog about this story (membership required)
visit www.fivedegrees.nlvisit www.vasco.comvisit www.niceactimize.com

Top topics

Most viewed Most shared
Buffett rubbishes cryptocurrencies; South Korea preps exchange crackdownBuffett rubbishes cryptocurrencies; South...
11169 views comments | 15 tweets | 17 linkedin
BNP Paribas Asset Management completes fund transaction blockchain testBNP Paribas Asset Management completes fun...
9872 views comments | 14 tweets | 32 linkedin
Crypto mining threatened by power capacity concernsCrypto mining threatened by power capacity...
8989 views comments | 17 tweets | 18 linkedin
Exchanges call for global fintech standardsExchanges call for global fintech standard...
8698 views comments | 17 tweets | 13 linkedin
Europe begins Open Banking era in subdued styleEurope begins Open Banking era in subdued...
8558 views comments | 30 tweets | 34 linkedin

Featured job

New York, NY - USA (some flexibility on location)

Find your next job