Visa USA and First Data Corporation Settle Legal Dispute
Visa USA and First Data Corporation have announced they have settled a legal dispute that has been pending since 2002 over the processing of Visa payment card transactions. According to the two firms, "as part of this settlement, First Data and Visa agreed to work together to build a stronger business relationship to focus on streamlining the payments processing business. To achieve this, Visa will provide financial support to pursue mutual business opportunities and cost cutting initiatives that are expected to drive new innovation, reliability, security and new merchant acceptance. First Data will transition existing private arrangements between itself and Visa member financial institutions onto VisaNet."
New leadership at both companies recognized a mutual interest in resolving legal differences. Visa CEO, John Philip Coghlan, and First Data CEO, Ric Duques, both acknowledged the increased value in putting this litigation behind them and restoring their companies' focus on working together to identify and build future business opportunities.
"By resolving this matter, both First Data and Visa can move forward and work together to create new business opportunities for all stakeholders in the payments business. Card issuers, merchants and cardholders alike can expect more focus on creating choice, convenience and innovation in the payments marketplace," said Duques.
"Visa's continued success is reliant upon our maintaining and growing business relationships," said Coghlan. "This agreement with First Data symbolizes our desire to focus on what really matters - providing the processing services our members expect in the most secure, reliable and efficient manner we can."
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