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Bailout Bill Fails, Payments Industry Faces Changes |
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Even as Congress tries to come up with Wall Street bailout plan B, the financial services industry in general—and the acquiring industry in particular—have begun coming to grips with a new banking landscape dominated by a trio of super banks. One immediate effect may be some reshuffling of business relationships among acquiring banks, processors and ISOs.
The acquisition of Washington Mutual by JPMorgan Chase, for example, is likely to affect TSYS, which handled Washington Mutual’s credit card processing. In anticipation of that, TSYS share price came under pressure soon after the takeover announcement.
Citibank’s takeover of Wachovia’s banking business, which had its own issuing and acquiring operations, will bring Citibank—a major issuer—further into the acquiring space, according to some press accounts.
For more on the arrival of the super banks, click here.
For more on plans to revive bailout plan, click here.
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