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JPMorgan Chase & Co. and First Data Corp. said May 27 that they have agreed to end their joint venture, Chase Paymentech Solutions LLC, by the end of 2008.
The companies reviewed the joint venture and determined that the payments and merchant-acquiring businesses were core to their strategies, and each owner's share should be operated independently by their respective companies. After the transition, JPMorgan and First Data will operate separate payment businesses.
