Looking into it further, I think I made a mistake. It was my belief that PaymentTech and BAMS are corps but instead they are &quot;alliances&quot;. First-Data owns x% of the BAMS alliance which is different then BAMS of BoA fame.<p>Also, I had no idea that FirstData went public, in my dealings with them, I always delt with Bank of America Merchant Services, which acted as if First Data was their subsidiary. This opinion came from reading our BAMS contract.<p>Coming from the merchant&#x27;s side of things, and dealing with this for over a decade, it &quot;feels&quot; more complicated. However, considering you were on the inside, your first-person version is more accurate.<p>Hope you didn&#x27;t take offense.