Source: First Data
Sovereign Bank and electronic commerce and payments leader First Data Corp. (NYSE:FDC) today announced they have signed a five-year renewal agreement to provide a comprehensive array of electronic payment processing products and services for Sovereign Bank's merchant customers in the New England and Mid-Atlantic markets.
The agreement renews the establishment of Sovereign Merchant Services, which was first created as a strategic alliance between First Data and Sovereign Bank in 2001. First Data provides merchant payment processing services on behalf of Sovereign Bank in Connecticut, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania and Rhode Island. In the past year, Sovereign Merchant Services had more than 27,185 merchant outlets, 73 million merchant transactions and $5.3 billion in merchant sales.
Sovereign Merchant Services combines Sovereign Bank's strong market brand recognition and community banking offices with First Data's economies of scale and expertise in growing a merchant business. The processing powers of First Data, combined with the additional banking service offerings of Sovereign Bank, give merchants a one-stop solution for all of their business banking needs. Having processed more than 12.2 billion merchant transactions last year, First Data's core systems and services include authorization, settlement, chargeback, reconciliation, credit, debit, gift card, check verification and guarantee, point-of-sale solutions and equipment management.
"We couldn't be more pleased with the relationship we've built with First Data. Sovereign Merchant Services has the ability to meet the needs of even our most demanding clients by offering cost effective, advanced technology solutions with the robust customer service you'd expect from your bank," said Joseph Campanelli, President and COO of Sovereign Bank's New England Division.
"Every second of every day, millions of people and businesses around the world rely on First Data to handle transactions safely, reliably and securely," said Scott Betts, President, First Data Enterprise Payments. "This renewed alliance with Sovereign Bank enables us to continue to provide a variety of superior payment options to merchants who need them. We, at First Data, pride ourselves on our ability to represent our bank partners with the same customer care and level of service that they provide their customers today."