Bank of America and First Data Form Next-Generation Payment Solutions Company
CHARLOTTE, N.C. and DENVER, Colo. – Bank of America N.A. and First Data Corp. announced today the formation of a new
company that will deliver next-generation payments solutions to merchants ranging from small business to commercial and
corporate clients worldwide.
Banc of America Merchant Services, LLC will provide clients with the most comprehensive suite of innovative payments
solutions including credit, debit and prepaid cards to merchant loyalty, check and eCommerce payments, the companies said.
Thomas Bell, chief strategy officer and president of First Data's financial services business, was named chief executive officer
of Banc of America Merchant Services.
"The combination of First Data's world-class technology and industry experience with the power of Bank of America's brand and
branch referral channel will enhance Banc of America Merchant Services' position as an efficient and innovative player in the
payments market," Bell said.
Merchant clients also will benefit from new service offerings including loyalty and prepaid programs, along with mobile
commerce and check solutions that will drive return traffic to their stores and provide their consumers with the security,
convenience and rewards they have come to expect. "For our clients, the most important transaction they have occurs the
moment their customer pays them for what they do. This alliance provides stronger payments acceptance capabilities as well
as enhanced business-reporting tools and a better experience for their customers," said Catherine P. Bessant, President of
Bank of America's Global Product Solutions group. "The formation of this new company underscores our full commitment to the
merchant services business."
For merchants seeking to expand their offerings in the fast-growing virtual marketplace, Banc of America Merchant Services will
offer the scalability, integrated capabilities and deep understanding of the transactional process to deliv