Traditionally, banking was primarily local with very tight-knit rules to ensure that the process was safe and secure. Over time, banking has become global, as exemplified by the CARDnet credit card processing network. Here is how CARDnet assists with the management of a merchant account.

Who is the First Data Corporation (FDC)?

In 1971, the Georgia-based First Data Corporation was started as a company that facilitated financial transactions. The core company owns the PIN-secured STAR network of ATMs, along with TeleCheck, VisionPLUS, ValueCheck and Western Union. FDC handles many of the United States gasoline and grocery store credit card transactions.

In 1980, FDC was officially under the umbrella of American Express. In 1992, FDC was made into a separate company during its initial public offering. First Data’s three core business units are card issuing banks, merchants and consumers. First Data has continually partnered with foreign banks when entering new markets.

Who is the Lloyds Banking Group (LBG)?

The Lloyds Banking Group (not to be confused with Lloyds of London) was established in 1765. This United Kingdom bank was restructured in 2009 after its acquisition of HBOS. The Lloyds Banking Group offers many financial services, including insurance, personal finance and credit card processing.

What is CARDnet?

CARDnet is a mutual venture between the First Data Corporation and Lloyds Banking Group establishing a very popular credit card processing and authorization network. CARDnet is a member of the National Automated Clearing House Association (NACHA) and credit card bank associations. CARDnet is also responsible for draft capture and ties all credit card entities together: banks, merchants and customers.

“Security, flexibility and convenience – welcome to CARDnet.”

The top credit cards in the world are all processed on this network of tens of thousands of terminals serving millions of customers. Tracking and recording all credit card transactions, CARDnet is a vital institution that collects large amounts of data. CARDnet must make reports to numerous entities, including tax authorities. Also, CARDnet writes important manuals detailing the rules, regulations, processes and best ways for members to manage their merchant account.

What is the North Platform?

When First Data refers to its “North Platform,” this is a reference to CARDnet.