NOVA Acquires Certegy's Merchant Acquiring Business
NOVA Information Systems, the merchant acquiring subsidiary of US Bank, has announced an agreement to acquire Certegy's existing merchant acquiring portfolio consisting of 14,000 merchant locations representing about $3 billion in annual credit and debit card processing volume.
As part of the deal, NOVA has agreed to sell Certegy's regional check products and Certegy has agreed to provide NOVA with new merchant referrals through its sales representatives.
For 2004, NOVA processed about $119 billion in credit and debit card volume (according to the Nilson Report) from over 650,000 merchants.
We are very pleased to partner with an industry leader like NOVA to offer a full suite of payment processing solutions to retailers throughout the United States," stated Lee Kennedy, chairman and chief executive officer of Certegy. "We value the relationships we have developed with our merchant processing customers, and selected NOVA based on their outstanding track record of providing world class customer support."
"Once again we have demonstrated our strong ability to partner with financial services providers to extend merchant processing services to their customers," said Pamela Joseph, president and chief executive officer, NOVA Information Systems. "NOVA's advanced processing network, robust solutions and strong operational infrastructure, combined with Certegy's industry-leading risk management products, results in a winning value proposition for our respective companies and our merchant customers."
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