FDC & CUETS
Saskatchewan-based CU Electronic Transaction Services and First
Data have entered into several agreements in which the companies will work
together to provide advanced card issuing, merchant processing, and
acquiring services to the Canadian financial services market. Under terms
of the deal, FDC will provide credit and off-line debit card processing
services for CUETS’ 500 credit union and other card issuing clients
throughout Canada. FDC has also acquired equity interests in CUETS’
merchant acquiring and merchant processing businesses and agreed to form an
alliance which will assume responsibility for management, operations, risk
and sales activities for the acquiring business. FDC will provide
processing services to CUETS clients and the alliance, including
authorizations, merchant support, settlement and disputes.