End of the line for a credit card processor. Will Visa and Mastercard allow CyberSource to process their transactions?
NEW YORK, Sept 23 (Reuters) - Electronic payment company CyberSource Corp. (CYBS.O: Quote, Profile, Research) said on Friday it intends to buy assets of CardSystems Solutions Inc., the credit-card processing company hit by a security breach this year.
CyberSource has signed a letter of intent to acquire privately held CardSystems assets for an undisclosed amount.
The move could potentially affect plans by Visa USA Inc. and American Express Co. (AXP.N: Quote, Profile, Research) to cut their ties with CardSystems following the breach that exposed some 40 million credit cards to identity theft.
CardSystems has been slapped with lawsuits over the security breach.