JPMorgan Chase Completes JV Transition of Chase Paymentech
Chase Paymentech has announced the completion of its transition from a joint venture with First Data Corp to a wholly-owned unit of JPMorgan Chase. The assets of the joint venture owned by JPMorgan Chase have been integrated into the bank as a part of its card services division and will continue to operate under the name Chase Paymentech.
“We are enthusiastic about what the future holds for Chase Paymentech now that we’re wholly owned by JPMorgan Chase,” said Mike Duffy, president of Chase Paymentech. “The payment industry is very dynamic and is undergoing a significant evolution at the moment. Our new position within JPMorgan Chase gives us a global reach and resources unmatched in our industry. This means we can continue to deliver to our customers the high-quality service they have come to expect, while expanding the available range of global payment and data solutions.”
As part of its new ownership, Chase Paymentech retains its state-of-the-art payment processing platform and operations, the majority of the joint venture’s employees and 51% of the client base, which includes customers representing approximately half of all global e-commerce and Internet transactions.
“We are committed to being the leader in the global payments industry,” Duffy said. “Merchants are looking beyond the services offered by most payment processors. They want a merchant acquirer that provides expanded services, such as cash flow management, alternative payments and advanced analytics. We fully expect to be at the forefront of the industry.”
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