NOVA to Offer Pricing, Processing, Settlement and Support to Merchants
ATLANTA & RIVERWOODS, Ill., Oct 09, 2006 (BUSINESS WIRE) -- NOVA Information Systems (NOVA), a wholly owned subsidiary of U.S.
Bancorp (NYSE:USB), and Discover Financial Services LLC, a business
unit of Morgan Stanley (NYSE:MS), today announced the signing of a
merchant acquiring agreement. Under the terms of the agreement, NOVA
will add Discover Network card acceptance to its portfolio of payment
processing services. NOVA will provide consolidated pricing,
underwriting, risk management, processing, settlement, support and
reporting to its merchants, simplifying payments processing.
NOVA will provide processing services to merchants for Discover
Network card acceptance that promotes a broader range of payment
options at the point of sale. Merchants, such as restaurants,
retailers, and specialty shops, will receive an easy, cost-effective,
all-in-one payment processing solution with the convenience of a
single source for statements, settlement, and customer service.
"NOVA excels at providing outstanding service to our more than
850,000 U.S. merchants and we welcome the opportunity to add value to
our product offering," said Stuart C. Harvey, Jr., president, NOVA.
"The ability to offer Discover Network card processing streamlines the
merchant experience by eliminating the complexities of dealing with
NOVA is the third largest U.S. credit card processor and one of
the top 10 global processors. This agreement is expected to help
broaden Discover's acceptance among small- to mid-sized merchants,
while increasing volume on the Discover Network.
"Our agreement with NOVA not only consolidates services to our
merchants, but it also increases the momentum Discover Network has
been gaining within the merchant acquiring community as we continue to
build it into a broad-based payments business with multiple products
and acquirers," said Harit Talwar, executive vice president of
Discover Financial Services. "NOVA's extensive presence within the
independent sales organization (ISO) and bank channel communities
helps us achieve that goal."
NOVA Information Systems, a leader in the payment processing
industry is a wholly owned subsidiary of U.S. Bancorp (NYSE:USB).
Combined, NOVA and its affiliates First Horizon Merchant Services,
euroConex and Elan provide global merchant processing services to
financial institutions and clients in the United States, Canada, and
Europe. NOVA offers integrated payment processing services to more
than 1,000,000 merchants worldwide. For more information, visit
About Discover Financial Services
Discover Financial Services LLC, a business unit of Morgan Stanley
(NYSE:MS), operates the Discover Card with more than 50 million
Cardmembers, and the Discover Network, which is the largest
proprietary credit card network in the U.S. with more than 4 million
merchant and cash access locations. Discover Financial Services also
operates the PULSE ATM/debit network, which serves more than 4,200
financial institutions and includes nearly 250,000 ATMs and
approximately 3.4 million POS terminals. For more information, visit
www.discovercard.com, www.discovernetwork.com or www.pulse-eft.com.
SOURCE: NOVA Information Systems
NOVA Information Systems
Michelle Graff, 678-731-5064
Discover Financial Services
Leslie Beyer, 224-405-5154