First Data receives new financial status and adds new partner

First Data Merchant Solutions, a subsidiary of First Data that acts as their direct-to-market merchant acquiring entity, has announced today that they have received UK Payment Institution status from the UK Financial Conduct Authority. The status means that First Data Merchant Solutions can provide payment acceptance facilities without the need to be sponsored by a bank.

“Achieving UK Payment Institution status is great news for First Data Merchant Solutions and its clients. Not only does it lay the groundwork for further expansion in the retail Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term space, it gives us greater agility as a business to bring new products to market, Leverage Leverage In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders Read this Term our extensive industry relationships and work with an even broader range of merchants in the region.” Raj Sond, General Manager of First Data Merchant Solutions added on their new financial status.

In addition to their new status, First Data Merchant Solutions has also announced that they have begun a partnership with Discover Global Network, and today will begin support for Discover Card and Diners Club.

The acceptance of the new payment method will assist merchants who deal mostly with travel, hospitality and entertainment, and allow them to accept payments from tourists and travelers to the UK. In the first half of 2013, the UK saw a rise in tourism and a rise in the amounts they spent. By May of 2013, the UK saw £6.88 billion in tourism spending.

"Extending our relationship with First Data into the UK market demonstrates our continued commitment to enhancing Discover Global Network acceptance for our card members around the world," Gerry Wagner, Vice President, Discover Network added on the partnership.

“The strategic collaboration between First Data Merchant Solutions and the Discover Global Network signifies the commitment to supporting UK merchants and international consumers as tourism to the UK continues to grow apace," Raj Sond, General Manager of First Data Merchant Solutions also added.

The addition of the Discover Network to First Data’s payment methods adds Discover Card and Diners Club International to their previously accepted payment methods, MasterCard, Visa and American Express.