Will First Data & Valley National Benefit From New Deal?
Zacks Investment Research | Sep 24, 2017 10:25PM ET
First Data Corporation (NYSE:FDC) recently teamed up with Valley National Bank to offer secure commerce solutions to the bank’s merchant clients. Valley National is a wholly-owned subsidiary of Valley National Bancorp (VLY).
The duo signed a long-term agreement per which First Data will provide its Clover platform to the bank’s business clients across more than 200 of its branches in New York, New Jersey and Florida. First Data will also make available its e-commerce solution set to the bank that enables businesses of all sizes to effortlessly conduct online and mobile transactions.
Everything Looks Centered Around Clover
We see the new move as another attempt by First Data to boost its Clover platform. The platform offers a comprehensive set of software and hardware point-of-sale solutions to businesses of all sizes. It earns both core acquiring as well as incremental revenues for First Data.
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