First Data to Process Chase Card Portfolio Acquisition

Thursday 17 January 2002 21:17 CET | News

First Data Corp.. announced it will gain the credit card transaction processing for more than 3 million accounts through the JPMorgan Chase acquisition of the Providian Master Trust, comprised mainly of Providians higher-quality or ``platinum\ level assets. JPMorgan Chase announced the acquisition.

First Data, the transaction processing market leader with 312 million accounts on file, will convert the portfolio later this year. The acquisition, expected to be completed in the first quarter, will increase Chases credit card portfolio to more than 27 million accounts and more than $49 billion in outstandings. Chase presently ranks as the fourth largest bankcard issuer and the fifth largest credit card issuer in the United States.

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Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce