Home Trust Company, a wholly-owned subsidiary of
Home Capital Group Inc., and First Data Corporation announced that
beginning in the first quarter of 2003, Home Trust will
offer Visa credit card acceptance services to Canadian merchants, supported by
First Data.
First Data will provide Home Trust with processing, risk management, and
sales and marketing expertise through a Canadian subsidiary, CardSolve
International Inc. A referral arrangement between CardSolve and First Data
Loan Company, Canada – a MasterCard member – will provide Home Trust merchants
with a one-stop solution offering both Visa and MasterCard acceptance, as well
as other card payment methods.
Gerald M. Soloway, president and chief executive officer of Home Trust
stated, “Our launch will open doors to an untapped market in Canada, focused
on smaller merchants and newer business ventures. This complements our long-
standing and successful strategy of offering financial products and services
that are underserved by traditional financial institutions. Credit card
acceptance is an ideal fit with our existing business activities, which
include mortgage lending and securitization, retail credit services, and
credit card issuance. First Data’s 30-years of payments expertise and its
advanced technology will help enable us to operate effectively in this new
business area.”
First Data and Home Trust have worked together since 2000, when First
Data began providing processing services for Home Trust’s new Visa credit card
issuing business.
“We are very pleased to expand our relationship with Home Trust and
strengthen our presence in the Canadian merchant services market,” said Pamela
H. Patsley, president of First Data’s international card and merchant
processing operations. “This partnership enables us to serve an expanded
target market while delivering key expertise needed by merchants to grow their
businesses, and open up new payment options for consumers.”
The expanded relationship will enable Home Trust to take advantage of
First Data’s expertise in serving small and newer merchants gained from its
wholly-owned subsidiary Cardservice International. In addition, merchants will
benefit from real-time credit approval and account set up, as well as
consolidated back-office customer service and account reporting capabilities.
First Data has a growing presence in the Canadian payments market
offering a range of card issuing and merchant processing services, including
check acceptance, money transfer and payment services. Through relationships
with financial institutions and other merchant acquiring companies, First Data
serves more than 90,000 merchants throughout Canada. In addition, the company
services Canadian consumers through Western Union money transfer agent
locations.
About Home Trust Company
Home Trust Company is a wholly owned subsidiary of Home Capital Group
Inc., a holding company publicly traded on the Toronto Stock Exchange (HCG.B).
Home Trust is a federally regulated trust company offering deposit, mortgage
lending, retail credit and credit card services. Licensed to conduct business
across Canada, Home Trust has offices in Ontario, Alberta, British Columbia
and Nova Scotia. For more information, please visit www.homecapital.com
About First Data
First Data Corp. (NYSE: FDC), with global headquarters in Denver, helps
power the global economy. Serving approximately 2.8 million merchant
locations, 1,400 card issuers and millions of consumers, First Data makes it
easy, fast and secure for people and businesses to buy goods and services,
using virtually any form of payment: credit, debit, smart card, stored-value
card or check at the point-of-sale, over the Internet or by money transfer.
For more information, please visit the company’s website at www.firstdata.com
