An agreement between First Data and JPMorgan Chase was terminated

[img_assist|nid=10991|title=|desc=|link=none|align=left|width=100|height=27]The two giant financial institutions First Data, a global technology leader in electronic commerce and payments, and JPMorgan Chase are now operating separate payment businesses. First Data reported the successful termination of its joint venture, Chase Paymentech Solutions™.

First Data assumed its 49 percent share of the merchant portfolio which includes management of the full-service ISO and Agent Bank unit of the JV. In addition the company completed the integration of its proportionate share of the JV's assets and a portion of the JV employees into its existing merchant acquiring business. Still, First Data will be further providing its processing services for a segment of the business allocated to JPMorgan Chase.

At present time First Data is serving over 5.4 million merchant locations globally. The company processed $1.5 trillion of payment transaction dollar volume on behalf of U.S. merchants in 2007. The company's portfolio of services and solutions includes merchant transaction processing services; credit, debit, private-label, gift, payroll and other prepaid card offerings; fraud protection and authentication solutions; electronic check acceptance services through TeleCheck; as well as Internet commerce and mobile payment solutions.