NOVA Information Systems (NOVA) today announced that it has acquired SouthTrust Bank's existing payment processing portfolio from Wachovia Bank and has simultaneously renewed and extended a long-term marketing alliance agreement for Wachovia Bank's merchant referral business.
NOVA acquired SouthTrust's merchant processing accounts and will provide processing services, customer service and support operations to SouthTrust's existing 16,000 merchants. New merchant services referrals will be marketed through Wachovia Bank's 3,100 branches located throughout Connecticut, New York, New Jersey, Pennsylvania, Delaware, Maryland, the District of Columbia, Virginia, North Carolina, South Carolina, Georgia, Tennessee, Florida, Alabama, Mississippi and Texas.
The credit and debit card processing volume from the existing SouthTrust portfolio is expected to generate an additional $2.3 billion annually. Wachovia Bank's parent company, Wachovia Corporation, completed its acquisition of SouthTrust Bank and its parent company, SouthTrust Corporation, in November 2004.
"Wachovia has been pleased with NOVA's continued strong performance in delivering payment processing services and support to our customers," said Terry Terbrueggen, Senior Vice President, Wachovia Bank. "NOVA's robust product portfolio and powerful network infrastructure allow SouthTrust's merchant customers to take advantage of enhanced service levels and new value-added applications."
"NOVA's success stems from our strong commitment to provide the best possible service to our customers," said Pamela Joseph, president, chairman and chief executive officer, NOVA Information Systems. "We're pleased that a financial institution of Wachovia's calibre continues to turn to NOVA as a true merchant processing partner. SouthTrust's merchant customers will benefit from the speed and reliability of the NOVA Network, and will have access to a robust portfolio of solutions, fitting the needs of a wide variety of merchant businesses."