David Ades to lead new operation headquartered in Toronto
ATLANTA & NEW YORK--(BUSINESS WIRE)--
Bank of America Merchant Services, the No. 1-rated electronic payments
processor in the United States1, announced today the creation
of the company's new Canadian merchant services operation.
"Our U. S.-based clients continue to expand globally, and we believe
this new organization will best serve their needs by providing
best-in-class solutions," said Tim Tynan, chief executive officer of
Bank of America Merchant Services. "We are also honored and excited
about servicing the needs of new, future clients in the Canadian market."
Based in Toronto, the organization will provide a full suite of products
and services - ranging from payments and commerce to security and advice
-- to both existing domestic U.S. customers currently doing business in
Canada, and new Canadian market customers. The new Canadian subsidiary
already has relationships with all major Canadian credit and debit card
David Ades will lead the company's new operations as General Manager for
Bank of America Merchant Services in Canada. Ades has extensive
experience in the payments, financial services and high-tech industries
in both the United States and Canada. Most recently, Ades served as
chief revenue officer at Plastiq Inc, a Boston-based online payments
This expansion adds merchant services to the comprehensive suite of
transaction banking products and services Bank of America Merrill Lynch
already offers to clients doing business in Canada.
"We are excited to welcome Bank of America Merchant Services to Canada,"
said Maureen Jarvis, head of Global Transaction Services in Canada for
BofA Merrill. "We look forward to helping our clients benefit from the
expertise the Merchant Services team is bringing to Canada, in addition
to the extensive line-up of transaction banking services we already
offer, including our proprietary lockbox service and our award-winning
online portal CashPro® Online."
About Bank of America Merchant Services
Bank of America Merchant Services, a joint venture between First Data
and Bank of America, provides payment solutions by combining the
technology and innovative products of First Data with the relationship
strength and prominent global brand of Bank of America. Bank of America
Merchant Services delivers payments, commerce, security and advice
through more than 100 products and services to merchants of all sizes.
In fact, Bank of America Merchant Services is the number one-rated
electronic payments processor in the industry with more than 300,000
active merchants processing more than 13.5 billion transactions annually.
For more information visit: http://www.bankofamerica.com/merchant
About Bank of America
Bank of America is one of the world's largest financial institutions,
serving individual consumers, small businesses, middle-market businesses
and large corporations with a full range of banking, investing, asset
management and other financial and risk management products and
services. The company provides unmatched convenience in the United
States, serving approximately 49 million consumer and small business
relationships with approximately 5,100 retail banking offices and
approximately 16,200 ATMs and award-winning online banking with 30
million active users and more than 15 million mobile users. Bank of
America is among the world's leading wealth management companies and is
a global leader in corporate and investment banking and trading across a
broad range of asset classes, serving corporations, governments,
institutions and individuals around the world. Bank of America offers
industry-leading support to approximately 3 million small business
owners through a suite of innovative, easy-to-use online products and
services. The company serves clients through operations in more than 40
countries. Bank of America Corporation stock (NYSE:BAC) is listed on
the New York Stock Exchange.
Bank of America Merrill Lynch is the marketing name for the global
banking and global markets businesses of Bank of America Corporation.
Lending, derivatives, and other commercial banking activities are
performed globally by banking affiliates of Bank of America Corporation,
including Bank of America, N.A., member FDIC. Securities, strategic
advisory, and other investment banking activities are performed globally
by investment banking affiliates of Bank of America Corporation
("Investment Banking Affiliates"), including, in the United States,
Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch
Professional Clearing Corp., both of which are registered broker-dealers
and members of SIPC, and, in other jurisdictions, by locally registered
entities. Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill
Lynch Professional Clearing Corp. are registered as futures commission
merchants with the CFTC and are members of the NFA. Investment products
offered by Investment Banking Affiliates: Are Not FDIC Insured * May
Lose Value * Are Not Bank Guaranteed. Copyright 2014 Bank of America
Corporation. All rights reserved. Bank of America, Merrill Lynch,
Broadcort and their logos are trademarks of Bank of America Corporation
and/or its affiliates.
Visit the Bank of America newsroom for more Bank
of America news.
About First Data
Around the world, every second of every day, First
Data makes payment transactions secure, fast and easy for merchants,
financial institutions and their customers. First Data leverages its
vast product portfolio and expertise to drive client revenue and
profitability. Whether the choice of payment is by debit or credit card,
gift card, check or mobile phone, online or at the checkout counter,
First Data takes every opportunity to go beyond the transaction. More
information about the company is available on FirstData.com
as well as on Twitter,
1 Based on bankcard, other credit, and PIN debit sales volume
and transactions. Per The Nilson Report, March 2014, Issue 1,036.
Source: Bank of America Merchant Services