Sovereign Bank & First Data Renew Merchant Processing Agreement

Monday 10 January 2005 21:23 CET | News

Sovereign Bank and First Data have signed a five-year renewal agreement to provide a comprehensive array of electronic payment processing products and services for Sovereign Banks merchant customers in the New England and Mid-Atlantic markets.

The agreement renews the establishment of Sovereign Merchant Services, which was first created as a strategic alliance between First Data and Sovereign Bank in 2001. First Data provides merchant payment processing services on behalf of Sovereign Bank in Connecticut, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania and Rhode Island. In the past year, Sovereign Merchant Services had more than 27,185 merchant outlets, 73 million merchant transactions and $5.3 billion in merchant sales. Sovereign Merchant Services combines Sovereign Banks strong market brand recognition and community banking offices with First Datas economies of scale and expertise in growing a merchant business. The processing powers of First Data, combined with the additional banking service offerings of Sovereign Bank, give merchants a one-stop solution for all of their business banking needs. Having processed more than 12.2 billion merchant transactions last year, First Datas core systems and services include authorization, settlement, chargeback, reconciliation, credit, debit, gift card, check verification and guarantee, point-of-sale solutions and equipment management.

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

Payments & Commerce