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First Data

First Data Corporation was a multinational financial services company specializing in electronic commerce and payment processing solutions for merchants, financial institutions, and card issuers worldwide. Founded in 1971 as First Data Resources, a data processing firm serving the Mid-America Bankcard Association, it evolved into a leading provider of transaction services, including credit and debit card processing, point-of-sale systems, and merchant acquiring. By the time of its acquisition, First Data handled over $2.4 trillion in annual merchant transactions and served more than 6 million merchants, making it one of the largest payment processors globally. The company was originally a subsidiary of American Express, which spun it off in a 1992 initial public offering to focus on its core card-issuing business. Headquartered in Atlanta, Georgia, First Data expanded through acquisitions and organic growth, entering markets in electronic bill payment, check processing, and international payments. In 2019, Fiserv acquired First Data in an all-stock transaction valued at $22 billion, creating a combined entity that strengthened its position in fintech and payments technology. Post-acquisition, First Data's operations were integrated into Fiserv, enhancing offerings in merchant services, banking solutions, and global commerce.

History

Founding and Early Development

First Data Resources was founded in 1971 in Omaha, Nebraska, by a group of local businessmen who acquired the assets of the Mid-America Bankcard Association (MABA), a consortium of Midwestern banks formed in 1969 to facilitate bankcard processing. This incorporation marked the company's establishment as a dedicated data processing entity, initially serving MABA's member banks with outsourced transaction handling needs. Starting with 110 employees, First Data Resources quickly positioned itself as a key supporter of regional financial institutions amid the growing adoption of plastic payment methods. From its inception, the company concentrated on (EFT) and check processing services tailored for banks, addressing the operational demands of an era transitioning from manual to automated financial transactions. By 1976, First Data Resources had expanded its capabilities to become the first independent processor of bank-issued and credit cards, handling authorization and settlement for a network of Midwestern institutions. This milestone solidified its role in pioneering scalable EFT systems, reducing reliance on paper-based methods and enabling faster interbank transfers. A pivotal early partnership involved integration with the systems of the , a prominent MABA member and one of the region's leading banks, during the to enhance card processing efficiency. This collaboration leveraged Omaha's financial ecosystem, allowing First Data Resources to test and refine its platforms with real-time data from a major issuer. By the late , the company had transitioned from its origins as an association-backed service to a more autonomous operation, culminating in its acquisition by in 1980, which provided capital for national scaling while maintaining operational independence in core services. No occurred during this period, but the shift enabled broader adoption of its technologies. In 1984, First Data Resources contributed to the development of core technologies through the launch of the STAR Network, an electronic funds transfer system designed for ATM and debit card transactions, marking a significant advancement in nationwide debit acceptance. This network facilitated secure, real-time processing across retail and banking points, building on the company's EFT expertise and setting the foundation for future debit innovations.

Domestic Expansion and Acquisitions

Following its spin-off from in October 1992, First Data Corporation emerged as an independent publicly traded entity, listed on the under the ticker symbol FDC, allowing it to pursue aggressive domestic growth unencumbered by its former parent company's priorities. This independence enabled First Data to consolidate its position in payment processing by expanding into merchant acquiring services during the , a period marked by the rise of electronic transactions. The company formed key alliances, such as the 1995 with Manhattan Bank to create Chase Merchant Services, L.L.C., which provided and settlement for transactions to merchants across the U.S. By the late , First Data had further diversified into electronic commerce processing, developing platforms to handle online payments and check verification for growing internet-based retailers, capitalizing on the foundational for debit authorization. A pivotal step in this expansion came through major acquisitions that bolstered First Data's merchant and capabilities. In June 1995, First Data merged with First Financial Management Corporation in a $6.6 billion stock-and-cash transaction, gaining control of Western Union's business, which First Financial had acquired the prior year for approximately $1.15 billion. This integration created one of the largest electronic banking networks in the U.S., processing wire transfers and bill payments for millions of consumers. The deal, however, drew significant antitrust scrutiny from the , which alleged it would reduce competition in services and potentially raise prices; to address these concerns, First Data agreed to divest either the Western Union or its MoneyGram operations within a specified timeframe, ultimately retaining Western Union after divesting MoneyGram through an . In 1999, First Data deepened its merchant acquiring footprint by merging operations with Paymentech Inc. in a $400 million agreement, forming a leading processor for transactions. This was followed in November 2006 by First Data's purchase of the remaining 45% stake in the Paymentech from for $408 million, achieving full ownership and solidifying its dominance in U.S. . These domestic consolidations drove substantial revenue growth, fueled by synergies from the First Financial merger and expanding merchant volumes amid the dot-com boom. By , sales had already exceeded $5 billion, reflecting the scale of its integrated ecosystem. Post-2001, First Data faced additional challenges in adapting to heightened regulatory scrutiny under the USA PATRIOT Act, which imposed stricter anti-money laundering requirements on money services businesses like , including enhanced customer identification programs and transaction reporting to combat . The company responded by overhauling its compliance infrastructure, investing in automated monitoring systems and staff training to ensure adherence to the new federal standards while maintaining operational efficiency.

Leadership and Strategic Shifts

In September 2012, Edward A. Labry III was appointed as interim CEO of First Data following the departure of previous leadership, a role he held until April 2013 when he transitioned to president of Retail and Alliance Services. That month, , formerly co-head of consumer banking and card services at , was named CEO and joined the , bringing expertise in payments technology and operational efficiency to steer the company through its post-leveraged buyout challenges. His appointment marked a pivotal shift, as Bisignano focused on revitalizing the firm's growth trajectory after years of ownership under . Under Bisignano's leadership, First Data implemented cost-cutting measures and operational efficiencies to improve financial health, including curbing expenses and reducing debt costs, which enhanced and positioned the company for its 2015 —the largest in the U.S. that year, raising $2.6 billion. These efforts involved streamlining operations and divesting non-core assets, such as the 2018 sale of its card processing businesses in Central and Southeastern to SIA for €375 million, allowing First Data to concentrate resources on higher-growth areas in and digital services. In tandem, the company restructured its management committee, expanding it with executives from leading to foster and cross-functional . From 2016 to 2017, First Data navigated strategic uncertainties, including exploratory merger discussions with an unnamed potential acquirer that began in December 2017 and ended without agreement in April 2018, amid a wave of in the payments sector. Internally, the firm reorganized into focused segments, including North America Services & Solutions and Global Product Solutions, to better align operations with , issuing, and international activities, enhancing accountability and responsiveness to market demands. These changes supported a broader pivot toward , with significant investments in mobile payments infrastructure—such as support for and development of apps for small businesses—and data analytics platforms to leverage transaction insights for personalized financial products. As First Data prepared for potential through partnerships or deals, Bisignano's tenure emphasized technology-driven growth, culminating in advanced capabilities that processed billions of transactions to inform fraud detection and strategies. By late 2018, these shifts had stabilized the company, setting the stage for its eventual combination with , though Bisignano remained at the helm through the announcement phase without an interim successor at that point.

International Growth

First Data's international expansion began in earnest in the early 2000s with targeted acquisitions in Europe to establish a foothold in emerging payment markets. In 2005, the company acquired EuroProcessing International, a leading card processor in Central and Eastern Europe, from Nordic private equity firm Reiten & Co. for an undisclosed amount, enabling First Data to process debit and credit card transactions across 10 countries and serve millions of cardholders. This move strengthened First Data's position in the region's growing electronic payments sector, where it integrated its VisionPlus platform to support local issuers and acquirers. By the mid-2010s, however, strategic shifts led to partial divestitures; in 2018, First Data sold its card processing businesses in Central and Southeastern Europe to Italian payments firm SIA for an undisclosed sum, allowing the company to refocus on core global strengths while retaining commitments to issuer processing in the region. In , particularly , First Data pursued growth through strategic partnerships amid rising demand for digital payments. In 2009, it formed a with , India's largest private sector lender, to create ICICI Merchant Services Private Limited, acquiring 81% ownership for approximately $80 million and taking over ICICI's merchant acquiring portfolio, including point-of-sale (POS) terminals and e-commerce solutions. This entity focused on providing secure POS and digital payment processing to retailers and small businesses, adapting First Data's global technology to India's regulatory environment. The partnership capitalized on India's 2016 demonetization policy, which invalidated 86% of circulating currency overnight and spurred a surge in digital transactions; POS volumes in India grew over 50% in the following months, accelerating adoption of electronic payments and benefiting First Data's operations through increased transaction processing. Expansion in and the broader region combined organic development with key partnerships to tap into high-growth markets. In , First Data established a processing center in in 2003 through a with Banco General, utilizing its platform to handle regional card transactions and later achieving 45% revenue growth in global business solutions there by 2018. In , where First Data had entered in 1992, it organically expanded to serve clients in 18 countries including , , and by 2018, with revenue in the region rising 16% that year through localized and partnerships with . These efforts adapted to local regulations, such as currency controls in and mobile payment mandates in , emphasizing compliant, scalable solutions for SMEs. By 2018, international operations contributed 21% to First Data's total revenue, up from 15% the prior year, underscoring the scale of its global footprint.

Acquisition by Fiserv

On January 16, 2019, , Inc. announced an agreement to acquire First Data Corporation in an all-stock transaction valued at approximately $22 billion in equity. Under the terms, each First Data shareholder would receive 0.303 shares of common stock for every share of First Data common stock held, representing a premium of about 30% to First Data's closing price on January 15, 2019. The deal required approval from both companies' shareholders and various regulatory bodies, with an expected closing in the second half of 2019. The acquisition aimed to unite 's financial services technology with First Data's payments processing expertise, forming a global leader in payments and solutions serving over 12,000 financial institutions and millions of merchants worldwide. Executives projected $900 million in annual run-rate cost synergies and at least $500 million in revenue synergies within five years post-closing, driven by complementary product portfolios and operational efficiencies. Upon completion, shareholders would own 57.5% of the combined entity on a fully diluted basis, while First Data shareholders would own 42.5%. The transaction received early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act from the on July 17, 2019, and antitrust clearance from the U.S. Department of Justice on July 18, 2019. Shareholder approvals were obtained in May 2019, paving the way for the deal's closure. The acquisition was completed on July 29, 2019, earlier than initially anticipated, with First Data's common stock delisted from the that day. Immediately following the merger, the combined company operated under the name and maintained its in , where had been based. Leadership transitioned with Jeffery Yabuki continuing as chairman and of , while , previously First Data's chairman and CEO, assumed the roles of , , and board member of the enlarged entity. This structure positioned the new organization to accelerate innovation in payments and from its established base.

Business Operations

Payment Processing Services

First Data's payment processing services formed the core of its operations, providing the infrastructure for handling debit, , and (EFT) across the . The , acquired by First Data through a merger completed in , served as a nationwide debit and ATM processing platform, connecting over 3,000 financial institutions and community banks to approximately 1.4 million point-of-sale (POS) and ATM locations. This network facilitated secure routing for PIN debit, PIN-less debit, and ATM transactions, supporting millions of transactions daily and enabling surcharge-free access and real-time management for debit solutions. In addition to debit processing, First Data offered EFT systems, including (ACH) processing tailored for bill payments and other recurring transactions. Through solutions like ConnectPay and TeleCheck, the company enabled electronic conversion of checks into payments, minimizing returned items and integrating with tools to ensure efficient, compliant fund transfers. These services operated under Association rules, supporting high-volume for businesses and consumers. Security was integral to First Data's processing capabilities, with implementations of chip standards and tokenization to combat . The company partnered with networks like to support EMV for debit cards, enabling dynamic data during transactions to reduce counterfeit risks, particularly through the STAR Network's integration of chip-enabled processing by the mid-2010s. Tokenization, via tools like TransArmor, replaced sensitive card data with unique tokens during processing, ensuring compliance and protecting over 170 billion transactions annually from breaches while allowing secure data handling across channels. By 2018, First Data's scale underscored its dominance in the sector, processing approximately 100 billion transactions globally—equivalent to over 3,000 per second—and $2.3 trillion in U.S. payment volume, accounting for more than 10% of the nation's GDP. This volume highlighted the company's role as a leading processor, with the contributing significantly to debit and segments. During the 2010s, First Data evolved its services to incorporate contactless and payment capabilities, aligning with industry shifts toward faster, mobile-enabled transactions. Partnerships, such as with Tyfone in 2010, introduced microSD-based solutions for contactless payments on mobile devices, paving the way for broader adoption of tap-to-pay at terminals via the . Debit processing through STAR inherently supported settlement, and enhancements in the decade extended this to PIN-less and mobile-initiated transfers, improving speed for consumers and merchants. Following the 2019 acquisition by , First Data's processing services, including the , were integrated into Fiserv's offerings.

Merchant and E-commerce Solutions

First Data provided a suite of and solutions designed to facilitate secure and efficient acceptance for businesses ranging from small retailers to large enterprises. These offerings emphasized user-friendly point-of-sale () systems and digital gateways that supported diverse transaction types, including contactless and mobile payments. By integrating hardware, software, and backend services, First Data enabled merchants to streamline operations while adapting to evolving consumer preferences for seamless experiences. A cornerstone of First Data's merchant solutions was the Clover platform, a cloud-based system comprising both hardware and software launched in 2013 following the acquisition of in 2012. The Clover Station, its flagship countertop device, featured an 11.6-inch , Android-based operating system, and built-in peripherals like barcode scanners, allowing merchants to process payments, manage customer data, and run apps for business functions. Integrated inventory management tools within Clover enabled real-time stock tracking, automated reordering alerts, and synchronization across multiple sales channels, reducing manual errors and improving for small and medium-sized businesses. For , First Data offered the Payeezy Gateway, a flexible that integrated with popular shopping carts like to support online transactions. This gateway facilitated secure processing of digital wallets, including , enabling one-tap checkouts on compatible devices and websites without requiring additional hardware. Merchants using Payeezy benefited from tokenization for recurring and fraud prevention features, making it suitable for scaling online stores while maintaining PCI DSS compliance. Support for Payeezy on like ended in January 2024. First Data's models for included interchange-plus structures, where fees comprised the base interchange rates set by card networks plus a fixed markup from First Data, providing transparency for high-volume merchants. Subscription-based fees were also available, particularly for users, with plans starting at around $14.95 per month for basic software access as of the late , scaling to higher tiers for advanced features like enhanced reporting and integrations; these covered ongoing maintenance without per-transaction surcharges beyond rates. This approach catered to small businesses seeking predictable costs and larger ones optimizing for volume discounts. As a leading U.S. acquirer, First Data held a significant position in the global market, processing a substantial share of transactions and ranking as the largest merchant acquirer worldwide by 2018. Its solutions powered millions of locations. Innovations in First Data's portfolio focused on omni-channel solutions that bridged in-store and payments, allowing to unify customer experiences across physical and digital touchpoints. For instance, Clover's ecosystem supported seamless transitions, such as in-store purchases linked to online loyalty programs, while Payeezy enabled consistent checkout flows regardless of channel. These capabilities, built on underlying processing networks, helped capture a unified view of sales data to drive and inventory decisions. Following the 2019 acquisition by , First Data's merchant and e-commerce solutions, including and Payeezy, were integrated into Fiserv's portfolio.

Card Issuing and Financial Products

First Data provided backend platforms that enabled financial institutions to issue and manage debit and credit cards on networks such as and . As the first processor of bank-issued and credit cards starting in 1976, the company developed proprietary technology for transaction management, account updates, and compliance with network standards. These platforms supported end-to-end issuing processes, including card personalization, activation, and lifecycle management for issuers worldwide. Key partnerships underscored First Data's role in card production and issuance. In 2002, the company secured a seven-year contract with to produce and personalize plastic cards, handling high-volume issuance for one of the largest U.S. banks. Similar collaborations with other allowed First Data to integrate its systems with issuers' software, streamlining operations and reducing time-to-market for new card programs. Value-added products expanded First Data's offerings beyond basic issuance. The company provided prepaid card solutions, including processing for reloadable and cards used by brands like , which facilitated secure, non-credit alternatives for consumers and businesses. Loyalty programs enabled issuers to create customized rewards initiatives, such as points-based systems tied to spending categories, to boost customer acquisition and retention through integrated analytics. Fraud detection tools, including real-time scoring engines like Fraud Detect launched in 2017, used to analyze transaction patterns and alert issuers to potential risks, minimizing losses while approving legitimate activity. Revenue from card issuing derived primarily from per-card issuance fees, ongoing maintenance charges, and analytics services provided to issuers. These streams were complemented by licensing fees for value-added software modules, contributing to the segment's as issuers sought integrated solutions for competitive differentiation. In the 2010s, First Data shifted toward digital capabilities to support evolving consumer demands. The company introduced support for virtual cards and contactless issuing, including a 2010 partnership with Tyfone for NFC-enabled mobile payments that allowed over-the-air card provisioning to digital wallets. This transition integrated issuing platforms with mobile and tokenization technologies, enabling instant virtual card issuance and reducing reliance on physical cards. These advancements also linked seamlessly with First Data's payment processing services for issued cards, ensuring efficient and . Following the 2019 acquisition by , First Data's card issuing and financial products were integrated into Fiserv's solutions.

Corporate Profile

Headquarters and Organizational Structure

First Data's primary headquarters were located in , Georgia, following the company's relocation from , in 2009. The move centralized key executive functions and operations in Atlanta, with the at 5565 Glenridge Connector, N.E., serving as a major hub for merchant and activities. The company maintained a global footprint with operations in 27 countries and 139 properties worldwide as of December 31, 2018, including 77 domestic sites and 62 international ones. Major operational hubs included , which housed significant processing centers for financial institution and network services, and facilities in , such as the Mumbai office of First Data (India) Private Limited, supporting global technology and support functions alongside other key locations in the UK, , , and . Prior to its 2019 acquisition, First Data's organizational structure was divided into three primary business segments: Global Business Solutions, focusing on merchant acquiring and processing; Global Financial Solutions, providing outsourced services to financial institutions; and Solutions, handling and security services. These units operated under a centralized model led by Chairman and CEO , emphasizing integrated commerce-enabling technologies. The company employed approximately 19,000 people worldwide in 2018. The relocation to facilitated consolidation efforts, streamlining operations, technology support, sales, and marketing activities to enhance efficiency and proximity to key clients.

Philanthropy and Community Engagement

The First Data Foundation, established in 2006, served as the primary vehicle for the company's philanthropic efforts, focusing on and programs to benefit underserved communities. The foundation provided grants and resources to initiatives that promoted economic empowerment and youth development, contributing millions to these causes by through targeted giving and partnerships. A of First Data's was the "Donations for Doers" program, which rewarded employee volunteerism by directing corporate grants to nonprofits after employees completed 50 , typically providing $500 per qualifying employee. This initiative, alongside a 1:1 matching gift program for employee donations up to $500 annually, encouraged widespread participation in charitable activities and amplified support for educational and organizations. First Data directed significant resources toward local communities in , Georgia, and —its key operational hubs—through employee-led drives for food collection to aid low-income families and grants supporting education for youth. These efforts addressed immediate needs while fostering long-term skill-building in underserved areas. The company forged key partnerships with nonprofits like , contributing to financial education programs such as JA Finance Park in , which simulates real-world economic decision-making for students. Similarly, collaborations with the Young Americans Center for Financial Education involved donations of educational tools, including mock debit cards for programs like Young AmeriTowne, to teach responsible financial habits and to young participants.

Post-Acquisition Era

Integration into Fiserv

Following the closure of the $22 billion acquisition in July 2019, initiated a multi-year operational merger with First Data, focusing on aligning platforms, streamlining processes, and consolidating corporate functions to realize projected synergies. By the end of 2021, the integration efforts yielded $1.2 billion in annual cost savings, surpassing the initial target of $900 million through efficiencies in infrastructure, operational overlaps, and reduced duplicative corporate expenses. These gains were driven by harmonizing disparate systems, such as merging First Data's acquiring platforms with Fiserv's processing tools, which required significant in and ERP unification. Key brands from First Data, including the Clover point-of-sale platform, were retained and integrated under the umbrella without full rebranding, allowing continued market recognition while leveraging the parent company's resources. , originally acquired by First Data in , benefited from ongoing investments in cloud-based features and international expansion, maintaining its identity as a standalone offering within Fiserv's merchant solutions portfolio. This approach preserved customer loyalty and operational continuity during the transition. Leadership played a pivotal role in navigating the merger, with —former CEO of First Data—assuming the CEO position at in 2019 to oversee cultural unification and structural realignments. Bisignano emphasized fostering a shared corporate culture by blending First Data's merchant-focused agility with Fiserv's institutional strengths, while relocating select key functions and teams to 's to centralize . This included incentives for employee , though it resulted in some workforce reductions among those unwilling to relocate, contributing to $187 million in severance costs by 2022. Regulatory approvals necessitated divestitures to address antitrust concerns, including the sale of First Data's card processing operations in Central and Southeastern , its remittance processing business in , and its point-of-sale assets in , completed in 2020. These actions ensured compliance with global competition authorities while minimizing disruptions to core operations. Early integration faced challenges amplified by the , particularly in and technology harmonization, as complicated system testing and cultural onboarding. Fiserv responded by expanding for affected staff and prioritizing digital tools for virtual collaboration, though the period saw heightened attrition risks amid economic uncertainty.

Ongoing Developments and Legacy

Following the full integration of First Data into by early 2023, the former's technologies have been embedded across Fiserv's global payments ecosystem, with the First Data brand officially retired in favor of the unified identity. In recent milestones, has expanded AI-driven fraud detection capabilities inherited from First Data's legacy systems, partnering with Feedzai to enhance real-time models for in transactions, achieving broader deployment across merchant and banking clients by 2024. This builds on First Data's foundational tools, now processing billions of transactions annually with reduced false positives. Concurrently, has explored applications in payments. These efforts represent a shift toward tokenized assets, cutting settlement times from days to seconds in select pilots. Fiserv's payments segment, encompassing First Data's core merchant acquiring and processing operations now rebranded under Merchant Solutions, has continued to drive growth, underscoring the enduring scale of First Data's contributions to 's annual revenue from payments, which exceeded $19 billion as of 2024. Post-2022, Fiserv has advanced initiatives in payments, introducing eco-friendly card programs using recycled PVC and ocean-bound plastics for debit and credit issuance, reducing environmental impact across millions of cards produced annually. These efforts align with broader CSR goals, including Scope 3 emissions tracking and energy-efficient data centers supporting payment processing. First Data's legacy endures through its pioneering operation of the debit network, acquired in 2004 and expanded to handle over one-third of U.S. PIN-debit transactions at millions of locations, setting standards for that shaped the debit ecosystem. Its merchant technology innovations, including scalable systems and integrated acquiring, influenced modern entrants like Square by establishing high-volume, low-cost processing models that challengers later disrupted and emulated. Today, these foundations power Fiserv's competitive edge in a market where First Data's early debit and merchant advancements continue to enable seamless global transactions.

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