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Chase Paymentech is the payment processing and merchant acquiring business of JPMorgan Chase (NYSE: JPM). Paymentech payment platforms support businesses of all sizes to process payments, including credit, debit, and digital, alternative, mobile payment options. Paymentech can authorize payment transactions in more than 130 currencies. The company also provides business analytics, payment fraud detection, and data security solutions.

In 2012, Chase Paymentech processed 29.5 billion transactions with a value of $655.2 billion.

History[edit]

1985: MNET, MBank's retail unit and merchant acquirer founded

1987: Acquired by Lomas Bank Corp.

1989: Becomes First USA Merchant Services

1996: Paymentech brand created and IPO executed

1999: FDC acquires shares of Paymentech; merges with Bank One Payment Services

2004: European expansion begins; Dublin, Ireland location opens

2005: Paymentech integrates with Chase Merchant Services

2008: FDC and JPMorgan announce Paymentech joint venture to end

2008: Chase Paymentech becomes the Merchant Services subsidiary of JPMorgan Chase

The company expanded by first acquiring JL McKay, a credit card software provider. The expansions continued with further acquisition of Litle and DMGT in 1995. The brand Paymentech was created in the year 1996 and the IPO was executed in the same year. Paymentech acquired Gensar, which later became Paymentech Network Services, Tampa, and Merchant Link in 1996.

In 1997, Chase Paymentech was created as a joint venture between Chase Merchant Services and First Data Corporation (FDC). That year, First USA was acquired by Bank One. In 2001, Paymentech completed the largest retail merchant conversion, and launched its Orbital Gateway. 2002, Chase Paymentech acquired the merchant acquiring portfolios of Scotiabank and Citibank CA.