Search
A group of major banks in the United States are devising an acquisition strategy with the goal of sidestepping the cap imposed on debit card transaction fees. Earlier, Capital One Financial made headlines by acquiring Discover Financial for a staggering $50.6 billion, thereby securing its very own payment clearing network. This strategic move empowers Capital One Financial to forge direct partnerships with merchants, effectively cutting out intermediaries. Now, industry giants like JPMorgan Chase, Bank of America, Wells Fargo, and PNC Financial Services Group are engaged in preliminary talks to potentially acquire the payment network currently under the ownership of fintech company Fiserv. However, the realization of this deal still hangs in the balance, with its outcome remaining uncertain.
-
C114 Communication Network -
Communication Home
