Note: that Bank of America Merchant Services is Banc of America Merchant Services a new start up company a/k/a BAMS.It's in the fine print about the name. The firms will continue to provide delivery of products and services for existing clients through at least June 2023, but will otherwise pursue independent merchant-services strategies next year, Bank of America said in a statement. Bank of America said here on Monday it and First Data had agreed to provide uninterrupted services to clients of Banc of America Merchant Services through at least June 2023. Bank of America and First Data, which formally closed its $22 billion acquisition by Fiserv Monday, announced that the companies would end their joint venture, called Banc of America Merchant Services, and will pursue separate merchant services strategies. 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.
In July 2019, it was announced that they will pursue independent merchant services strategies as of July 2020 – resulting in the dissolution of Banc of America Merchant Services… Bank of America is one of First Data’s largest bank partners, and the two companies processed 17.3 billion transactions in 2018, according to trade publication Nilson Report. Bank of America is disbanding its payment-processing joint venture with First Data, giving the bank more control of its business that focuses on moving money for merchants. Browse credit card and debit card payment processing solutions for your business, no matter the size. Going forward, First Data will be an important service provider supporting Bank of America’s global payment solutions. First Data provides support for merchants. 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.
According to the article (citing Bernstein analysts), Bank of America Merchant Services (BAMS) accounts for 10-12% of First Data’s revenue; therefore, it is not surprising that both Fiserv and First Data were down about 2-3% as of midday today, worse than the market as a whole. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. There have been other signs that Bank of America Merchant Services was being affected by the rapid pace of fintech. Bank of America Corp. is disbanding its payment-processing joint venture with First Data, giving the bank more control of its business that focuses on moving money for merchants. There are more than 10 complaints about Bank of America Merchant Services online, however, given that many are left with respect to the bank itself it is hard to determine how many more there may be. Merchant Services Specialist January 2010 to Current Bank of America Merchant Services － Dallas, TX.
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.
Bank of America Merchant Services is one of the largest merchant account providers in the United States. Going forward, First Data will be an important service provider supporting Bank of America’s global payment solutions. 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. Bank of America uses First Data and TSYS as its backend credit card processors.