JPMorgan Chase and First Data Corp. have announced that they have agreed to end their current joint venture, Chase Paymentech Solutions, a global payments and merchant acquiring entity, by the end of 2008.   » Continue Reading

Although taken private by KKR last fall, First Data Corp. continues to announce its financial results - and today reported financial results for the first quarter of 2008. Consolidated revenues were up 16% to $2.1 billion while adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) were up 8% to $586 million. FDC also commented on Chase Paymentech, its largest merchant alliance, noting that it "expects the alliance to end prior to its existing expiration date in 2010." The company is holding a conference call tomorrow morning to review its results.   » Continue Reading

JPMorgan Chase reported first quarter 2008 financial results this morning - its Card Services unit reported net income of $609 million, a decline of $156 million, or 20%, from the prior year.   » Continue Reading

First Data Corp. yesterday reported its financial results for the fourth quarter of 2007. This morning, the company held a conference call to discuss the results (presentation available). Also today, FDC filed its Form 10-K Annual Report with the SEC. FDC's 10-K also includes the financial results of Chase Paymentech due to the size of Chase Paymentech's contribution to FDC's financial results.

Chase Paymentech has announced it has formally opened the doors of its European headquarters in Dublin, Ireland. Within three years, the new office will provide operational support for a 100-person team across Europe responsible for expanding Chase Paymentech operations, marketing initiatives and customer support activities outside the United States.   » Continue Reading

Chase Paymentech Solutions has launched a new website designed to help small and medium sized businesses affordably accept credit card payments.   » Continue Reading

JP Morgan Chase has reported financial results for the fourth quarter of 2007. In its Card Services business, net income declined 15% to $609 million primarily as a result of an increase in its provision for credit losses to $1.8 billion, up 40% over the same quarter in 2006. Noninterest expenses declined during the quarter. Its merchant processing (Chase Paymentech) reported processing card volume of $194.4 billion, up 9%, on 5.4 billion transactions.

Chase Paymentech reports that sales volume and the number of transactions conducted at 10 of the largest U.S. retail Web sites rose 29 percent during the 2007 year-end holiday shopping period according to data tracked by its Chase Paymentech Pulse Index.   » Continue Reading

According to Chase Paymentech, Americans rushed to the web on Tuesday, Dec. 18 to complete their 2007 online holiday shopping as Christmas delivery deadlines loomed, resulting in a single-day Chase Paymentech Pulse Index high of $169 million in sales and more than 3 million orders. This notable sales spike is more than 42 percent higher than Friday, December 15th, the peak Pulse Index shopping day in 2006.   » Continue Reading

Chase Paymentech has updated its Pulse Index - reporting that, building from a strong base established during the Thanksgiving holiday weekend, online retailers continue to see growth in both the number of transactions and sales volume.   » Continue Reading

Chase Paymentech has announced it has launched an updated version of its Chase Paymentech Pulse Index to track online shopping activity throughout the 2007 holiday shopping season.   » Continue Reading

Chase Paymentech and Preferred Health Technology have announced A-Claim - calling it "the first fully-integrated healthcare payment solution designed to reduce accounts receivables for physicians and simplify claims payments for patients."   » Continue Reading

Chase Paymentech and Green Dot Corporation have announced an agreement to offer Chase Paymentech-processed merchants an alternative cash payment solution that gives them the ability to accept cash transactions through their existing online and phone interfaces by accepting Green Dot’s MoneyPak as a form of payment.   » Continue Reading

Chase Paymentech has announced an "expanded, multi-year contract to provide payment processing services for all Sears Holdings Corporation retail businesses, which include Sears, Kmart and Lands' End."   » Continue Reading

Discover Financial Services and Chase Paymentech have announced "the integration of Discover Network card acceptance into Chase Paymentech's payments network for small- to mid-sized merchants. Chase Paymentech is the world's largest merchant acquirer, with a customer base of more than 600,000 merchants in almost 1 million locations."   » Continue Reading

Verizon has announced Verizon Merchant Services, Payments Powered by Chase Paymentech - a new offering for small and medium-sized businesses with a broadband connection from Verizon Online.   » Continue Reading

Chase Paymentech has announced a "major expansion of its European operation, with the appointment of Shane Fitzpatrick as managing director, European Union, effective immediately. This position reports directly to Mike Duffy, president and chief executive officer, Chase Paymentech."   » Continue Reading

In a post titled "Explaining J.P. Morgan’s DNP on First Data", the Wall St. Journal's Dennis Berman blogs about why he thinks JP Morgan Chase wasn't playing a role in the private buyout of First Data by KKR announced earlier this week. He believes the reason is that the bank has been trying to negotiate the purchase of the 49% interest in Chase Paymentech held by First Data. Last week we reported that First Data filed an amended 10-K for 2006 which included the detailed financials for Chase Paymentech - a very nice business indeed!

First Data Corp. has amended its 10-K annual report filing with the SEC to include the financial statements of Chase Paymentech. Chase Payment is 51% owned by JP Morgan Chase and 49% owned by First Data Corp. First Data made the updated 10-K filing under an SEC rule requiring it as a result of FDC’s equity earnings in Chase Paymentech having exceeded 20% of FDC’s consolidated income from continuing operations before income taxes for the year ended December 31, 2006. The filing reports Chase Paymentech's 2006 revenues as $1.2 billion (up 49% from 2005) with net income of $476 million before some miscellaneous adjustments.