April 4, 2008 – CardWorks Processing announced today that it has acquired the operating assets of Pay By Touch Processing, Inc., a subsidiary of Solidus Networks, Inc. The acquisition was approved by the United States Bankruptcy Court for the Central District of California and was executed through a newly established Merrick Bank subsidiary, doing business as CardWorks Processing. The data processing assets being acquired are used by merchants to facilitate the acceptance of credit and debit cards through major payment networks, including VISA and MasterCard.
“We are focused on ensuring that merchants using Pay By Touch processing retain the uninterrupted ability to accept payment cards and maintain continuity in the payment system,” said Dave Watson, Chairman of Merrick Bank.
Merrick Bank will also work with the major payment networks and appropriate regulatory authorities to ensure the continued integrity of the information security systems associated with the newly acquired data processing assets.
About Merrick Bank
Merrick Bank, a wholly owned subsidiary of CardWorks, Inc., was founded in 1997 and is a premier issuer of non-prime credit cards. With over one million cardholders and more than $1 billion in assets, Merrick Bank is a Top-25 issuer of Visa® cards, as well as an authorized issuer of MasterCard® cards. As a Top-20 merchant acquirer, the Bank has dedicated resources to sponsoring ISOs and processing for approximately 150,000 merchants with approximately $20 billion in MasterCard and Visa sales volume on a nationwide basis in various industries. Merrick Bank is a Utah Financial Institution and is a member of the FDIC.
About CardWorks
CardWorks, Inc. is the parent company of Merrick Bank and CardWorks Servicing. CardWorks Servicing, founded in 1987, provides customer service, collections, risk management, operational support and portfolio management to credit card issuers and acquirers. CardWorks Servicing is a nationally recognized leader in the industry.
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Media Contacts:
The Abernathy MacGregor Group on behalf of Merrick Bank
Kenny Juarez or Eliza Johnson
212-371-5999