NOVA Purchases Alliance & Leicester's Merchant Acquiring Business; NOVA's euroConex Affiliate to Manage Processing Services.Business Editors ATLANTA & DUBLIN, Ireland & LEICESTER, U.K.--(BUSINESS WIRE)--April 30, 2004--NOVA Information Systems (NOVA) and Alliance & Leicester Commercial Bank (ALCB ALCB Alberta Liquor Control Board ALCB Alliance and Leicester Commercial Bank ALCB American Legion Community Band (Warren County, VA) ALCB All Lutheran Church of Brussels ), a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Alliance & Leicester plc, today announced that the companies have signed a definitive agreement for the sale of Alliance & Leicester Commercial Bank's merchant acquiring business to a UK-based affiliate of NOVA. EuroConex Technologies Ltd, another affiliate of NOVA, will manage the processing services for all new and existing Alliance & Leicester merchant customers. Merchant processing services will continue to be marketed under the Alliance & Leicester brand. Alliance & Leicester Commercial Bank currently provides processing services to over 27,000 merchants in the UK. In addition to debit and credit card processing services, euroConex supports EMV EMV Elektromagnetische Verträglichkeit (German: Electromagnetic Compatibility) EMV EuroPay, MasterCard, Visa (Smart debit cards) EMV Europay, Mastercard and Visa EMV Eftermiddagsverksamhet Chip and PIN, multi-currency and Dynamic Currency Conversion Dynamic currency conversion (DCC) is a financial service in which holders of credit cards have the cost of a transaction converted to their local currency when making a payment in a foreign currency. Currently this feature is available for Visa and MasterCard networks only. (DCC (1) (Direct Cable Connection) A Windows 95/98 feature that allows PCs to be cabled together for data transfer. DCC actually sets up a network connection between the two machines. ), delivering a scalable and flexible model for cross-border acquiring. Over the last three years euroConex has achieved strong growth in Ireland and the UK and has established a significant presence in France, Spain, the Netherlands and Poland. "EuroConex is a true partner to financial institutions," said Billy Saunderson, chief executive officer, euroConex. "We can seamlessly manage the transition of a merchant processing portfolio. Alliance & Leicester's merchant customers will continue to benefit from advanced processing services, and will have access to a full portfolio of solutions fitting the needs of a variety of vertical markets." "This transaction underscores NOVA's commitment to aggressive growth strategies across Europe, through our euroConex affiliate," said Edward Grzedzinski, chief executive officer, NOVA and chairman, euroConex. "Alliance & Leicester Commercial Bank is a well respected player in the UK payments market with a very impressive merchant portfolio. The strength of their existing business and excellent reputation, combined with the full range of euroConex value-added services, will go a long way toward establishing euroConex as a top provider of these services across Europe." Richard Banks, Managing Director of Wholesale Banking at Alliance & Leicester, said: "The alliance with NOVA means that we can continue to provide customers of Alliance & Leicester Commercial Bank with innovative, cost-effective merchant services. The merchant acquisition market is becoming increasingly dominated by global providers. As a UK bank focused on serving UK customers, our strategy is to provide our customers with a range of services, with core products being manufactured in house, while working in alliance with a range of world class organizations in order to provide others." Today's announcement marks NOVA's third acquisition in a week. Last Friday it purchased Polish card processor CardPoint from Bank Zachodni WBK WBK Word Backup (Microsoft Word file extension) WBK Welcome Back, Kotter (70s US TV Show) WBK Work Book WBK Word Backup File , a subsidiary of AIB AIB n abbr (BRIT) (= Accident Investigation Bureau) → oficina de investigación de accidentes AIB n abbr (Brit) (= Accident Investigation Bureau) → Group. On Wednesday, it announced the purchase of Union Bank of California's merchant processing portfolio. NOVA also announced this week that it was purchasing the remaining 50% shareholding in euroConex from Bank of Ireland This article is about the commercial banking company Bank of Ireland. For the central bank of the Republic of Ireland, see Central Bank of Ireland. The Bank of Ireland (Irish: Banc na hÉireann , making it a wholly owned subsidiary of NOVA. The European acquisitions will firmly position euroConex as a major European payment processor. About Alliance & Leicester Alliance & Leicester is one of the UK's major financial services groups. It offers a broad range of financial services to personal, commercial and small business customers. Alliance & Leicester has been a member of the FTSE 100 index FTSE 100 Index A market-weighted index of the 100 leading companies traded in Great Britain on the London Stock Exchange. The Financial Times of leading shares on the London stock exchange London Stock Exchange London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. since converting from its original mutual building society status in 1997. Alliance & Leicester Commercial Bank provides services for commercial customers focusing on cash handling, cash sales to financial institutions, commercial lending, asset finance and business banking, as well as bill payments, merchant acquisition, and international payments. For more information visit www.alliance-leicester-group.co.uk. About euroConex EuroConex Technologies, Ltd, is an affiliate of NOVA Information Systems Nova Information Systems is a major US processor of credit card transactions and a subsidary of Us Bancorp. NOVA and its european division euroConex boast an expanding global reach that delivers merchant processing in more than 30 countries and supports the payment needs of more . The company provides an integrated payments processing service to financial institutions and merchants in Ireland, the UK and in selected European markets using a multi-currency platform. In addition to Point of Sale, International Point of Sale and eCommerce solutions, euroConex also provides a range of specialist multi-currency products including Dynamic Currency Conversion (DCC) . For more information visit www.euroconex.com About NOVA NOVA Information Systems, a leader in the payment processing industry, is a wholly owned subsidiary of U.S. Bancorp (NYSE NYSE See: New York Stock Exchange :USB USB in full Universal Serial Bus Type of serial bus that allows peripheral devices (disks, modems, printers, digitizers, data gloves, etc.) to be easily connected to a computer. ). NOVA partners with financial institutions, independent sales organizations, associations, government agencies and community banks to offer integrated payment processing services to their merchants and retailers. NOVA's products include credit and debit card processing services, software applications, electronic check conversion, gift card solutions and other value-added services to more than 650,000 merchant locations in the United States and Europe. For more information visit www.novainfo.com. |
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