Companies’ Joint Venture to End Next Year; Both Remain Committed to Clients, Continuity of Service and Ongoing Relationship
Bank of America and First Data, now Fiserv, today announced that they will pursue independent merchant services strategies beginning June 2020, when the contract concludes for the companies’ joint venture, Banc of America Merchant Services. Bank of America and First Data have an agreement to provide uninterrupted delivery of products and services to Banc of America Merchant Services’ clients through at least June 2023. Going forward, First Data will be an important service provider supporting Bank of America’s global payment solutions.
“Payments are at the core of our business, and this announcement is another step forward in our global strategy to provide companies of all sizes an integrated payment offering. We look forward to investing in our merchant solution and delivering the capabilities our clients need to thrive in an ever-changing payments environment,” said Mark Monaco, head of Enterprise Payments at Bank of America. “We look forward to continuing our long-standing business relationship with First Data.”
“We are excited for the next phase of our relationship with Bank of America, and are committed to continuing to provide market-leading products and services to the bank and its clients,” said Guy Chiarello, chief administrative officer of Fiserv. “We look forward to supporting Bank of America’s future merchant services solutions and broader payments strategy as we continue to focus on delivering innovative payment solutions that enable the movement of money and information with ease, speed and convenience.”
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 66 million consumer and small business clients with approximately 4,300 retail financial centers, including approximately 2,200 lending centers, 2,400 financial centers with a Consumer Investment Financial Solutions Advisor and 1,700 business centers; approximately 16,600 ATMs; and award-winning digital banking with more than 37 million active users, including approximately 28 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
Fiserv, Inc. (NASDAQ: FISV) aspires to move money and information in a way that moves the world. As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover™ cloud-based point-of-sale solution. Fiserv is a member of the S&P 500® Index and the FORTUNE®500, and is among the FORTUNE Magazine World’s Most Admired Companies®. Visit fiserv.com and follow on social media for the latest company news.
Reporters May Contact:
Betty Riess, Bank of America
Ann Cave, Fiserv