Bank of America and First Data, Now Fiserv, Set Future Merchant Services Strategy

Bank of America and First Data, now Fiserv, today announced that they will pursue independent merchant services strategies beginning June 2020, when the contract concludes for the companies’ joint venture, Banc of America Merchant Services. Bank of America and First Data have an agreement to provide uninterrupted delivery of products and services to Banc of America Merchant Services’ clients through at least June 2023. Going forward, First Data will be an important service provider supporting Bank of America’s global payment solutions.

“Payments are at the core of our business, and this announcement is another step forward in our global strategy to provide companies of all sizes an integrated payment offering. We look forward to investing in our merchant solution and delivering the capabilities our clients need to thrive in an ever-changing payments environment,” said Mark Monaco, head of Enterprise Payments at Bank of America. “We look forward to continuing our long-standing business relationship with First Data.”

“We are excited for the next phase of our relationship with Bank of America, and are committed to continuing to provide market-leading products and services to the bank and its clients,” said Guy Chiarello, chief administrative officer of Fiserv. “We look forward to supporting Bank of America’s future merchant services solutions and broader payments strategy as we continue to focus on delivering innovative payment solutions that enable the movement of money and information with ease, speed and convenience.”