ATLANTA--(BUSINESS WIRE)--First Data Corporation, a global leader in electronic commerce and payment processing, today released the following statement in response to the Federal Reserve Board’s publication of proposed rules:
Today, the Federal Reserve Board has published its proposed rules regarding debit card interchange fees and routing under Section 1075 (Durbin) of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Before offering detailed comments on these proposed rules and what they might mean, First Data must thoroughly review and analyze them to determine potential implications for our business and that of our merchant and financial institution customers.
A dedicated team of more than 100 payments professionals from across First Data has been focused on Durbin and has considered and prepared for a wide range of alternatives regarding the proposed regulations so that we are prepared to serve the needs of our merchant and financial institution customers.
First Data is prepared to help our merchant and financial institution customers successfully navigate through a dramatically changing payments landscape because we have a unique set of assets – from the nationwide STAR debit network to card issuing and debit processing to prepaid solutions to merchant acquiring/processing. No one else in the payments industry has the same scale and breadth of solutions that we offer.
The proposed rules issued by the Federal Reserve Board also address network exclusivity. Because of First Data’s unique position in the marketplace, we can easily make available to debit-card issuers access to the STAR Network, the second-largest PIN debit network in the U.S., providing access to over 2 million merchant POS and ATM locations. The STAR Network provides an innovative and secure network alternative for merchants.
Around the world, every second of every day, First Data makes payment transactions secure, fast and easy for merchants, financial institutions and their customers. First Data leverages its vast product portfolio and expertise to drive customer revenue and profitability. Whether the choice of payment is by debit or credit card, gift card, check or mobile phone, online or at the checkout counter, First Data takes every opportunity to go beyond the transaction.
Contacts
Permalink: http://www.businesswire.com/news/home/20101216006836/en/Data-Responds-Federal-Reserve-Board%E2%80%99s-Proposed-Rules
