BofA to End Payments Joint Venture With First Data Next June

www.bloomberg.com

As expected, BofA is ending its payments JV with First Data (aka fiserdata), choosing to bring an increasingly valuable and critical part of the payments value chain back in house. BofA has also recently brought over Guy Harris and Wally Mlynarski, two (in my opinion) forward thinking payments executives over from Elavon (US Bank's payment processing arm) to run the effort and shore up the team. I'd be surprised if BofA didn't make some more strategic moves going forward, particularly given their balance sheet and the need to show some wins, and quickly, or risk being at a further disadvantage to Chase.

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