“Merchants represent an important client base for Chase, and we want to bring together our full suite of leading services for merchants under one organization,” Gordon Smith, the CEO of Chase consumer and community banking, said. “Chase has been at the forefront of innovation in the payments industry, and I’m confident Mike’s vision and experience will help us continue to be a leader in this important area.”
Before coming to Chase, Passilla served as the president and CEO of payments processing firm Elavon. Prior to serving at Elavon, Passilla held key leadership roles at IBM, Inforte Corp. and the CSC Index.
Dan Charron was also named as the president of Chase Paymentech, the bank’s global payment processing and merchant acquisition business overseen by Passilla. Charron has served as the acting head of Chase Paymentech since March, before which time he served as the head of client services.
Last year, Chase Paymentech processed nearly 30 billion transactions valued at a total $655.2 billion, including approximately half of all internet transactions worldwide.