First Data Corp., the big credit and debit card processor whose joint payment-processing venture with JPMorgan Chase dissolved last year, has found a new partner in Bank of America N.A. The two companies have announced a partnership to provide payments services to retailers, including those selling online and through mobile phones. This new entity, Banc of America Merchant Services LLC, will help First Data rapidly scale up its e-commerce platform, making the new partnership an instant competitor to First Data’s former partner, Chase Paymentech, says payments consultant Steve Mott. He notes Bank of America offers, for instance, services to help merchants handle international transactions. Bank of America will contribute to the partnership 240,000 merchant relationships and First Data 140,000, the companies say. The new entity will be 46.5% owned by Bank of America, 48.5% by First Data and the rest will be held by Rockmount Investments LLC, an investment vehicle controlled by an unnamed investor. Services from Banc of America Merchant Services will include processing for e-commerce and mobile commerce, as well as loyalty programs and prepaid cards, the companies say. The new company is likely to serve a full range of merchants, from small to large. Thomas Bell, chief strategy officer and president of First Data`s financial services business, was named CEO of Banc of America Merchant Services. He stated that “the combination of First Data`s world-class technology and industry experience with the power of Bank of America`s brand and branch referral channel will enhance Banc of America Merchant Services` position as an efficient and innovative player in the payments market.” Catherine P. Bessant, president of Bank of America`s Global Product Solutions group said: “For our clients, the most important transaction they have occurs the moment their customer pays them for what they do. This alliance provides stronger payments acceptance capabilities as well as enhanced business-reporting tools and a better experience for their customers. The formation of this new company underscores our full commitment to the merchant services business."