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Transaction Processing
The Company
NOVA Corp. (NYSE: NIS) targets primarily small-to-medium sized merchants and provides transaction services, related software products, and value-added information services. NOVA has developed several software applications that can be delivered to its customers and updated via its proprietary telecommunications network. The NOVA Network was developed in conjunction with WorldCom (Nasdaq: WCOM), one of the nation's largest long-distance telecommunications providers, and is the principal conduit through which the company provides its services. In 1996, the aggregate dollar volume of VISA and MasterCard credit card transactions processed by NOVA was approximately $11.9 billion. As of December 31, 1996, the company provided transaction processing services to approximately 82,900 merchant locations nationwide.
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