Bank of America N.A. and First Data Corp. have formed a new company to deliver next-generation payments solutions to merchants. Banc of America Merchant Services, LLC will provide clients with a comprehensive suite of payments solutions including credit, debit and prepaid cards to merchant loyalty, check and ecommerce payments.

Merchant clients will benefit from new service offerings including loyalty and prepaid programs, along with mobile commerce and check solutions. CEO of the new company Thomas Bell said in a press briefing that the greatest potential lies in moving payments onto mobile devices, according to the News Journal.

Bank of America will contribute approximately 240,000 merchant relationships and First Data will contribute approximately 140,000 merchant relationships to the new company.

http://ir.firstdatacorp.com/releaseDetail.cfm?ReleaseID=392474