First Data is now reviewing and analyzing the final rules published today by the Federal Reserve Board regarding debit card interchange, network exclusivity and routing under Section 1075 ("Durbin Amendment") of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
"Our company has always advocated for increased competition in the payments marketplace," said Ed Labry, president, First Data North America. "As a leading acquirer in the payments industry, over the last year we have invested in new programs and technology on behalf of our financial institutions and merchant customers in the United States to comply with the changes resulting from the new regulations. These include reinvesting in the STAR Network; routing programs to negotiate effectively with other payment networks; and near-field communications (NFC) technology for use at the point-of-sale for the future of payments acceptance."
First Data is in a unique position to bring innovative solutions to the payments market because we serve both merchants and card issuers as well as operate the STAR Network, one of the nation’s leading PIN debit networks. No other company in the payments industry has the kind of scale and breadth of solutions that First Data offers.
About First Data
Around the world, every second of every day, First Data makes payment transactions secure, fast and easy for merchants, financial institutions and their customers. First Data leverages its vast product portfolio and expertise to drive customer revenue and profitability. Whether the choice of payment is by debit or credit card, gift card, check or mobile phone, online or at the checkout counter, First Data takes every opportunity to go beyond the transaction.