First Data Corp., a provider of electronic commerce and payment processing, and Transportation Clearing House, a transportation payments organization, on Wednesday, Oct. 5, announced plans to create a joint venture company. First Data will contribute its EFS Transportation Services business to the new venture to be merged with TCH.
“In forming this joint venture company, we are committed to maintaining the high level of personal customer support and services our EFS clients have come to expect,” says Ed Labry, president of First Data North America. The companies say they provide unique services that, when combined, will be a leading payment card provider to the transportation industry.
“Outside of the obvious strategic benefits of combining these two highly complementary cultures, this merger will allow us to further accelerate the transformation of the payments landscape for our industry,” says Scott Phillips, chief executive officer of TCH and chief executive officer of the joint venture.
