<PAGE>
                      SECURITIES AND EXCHANGE COMMISSION

                            WASHINGTON, D.C.  20549

                                  FORM 10-K/A
                                AMENDMENT NO. 1
                       FOR ANNUAL AND TRANSITION REPORTS
                         PURSUANT TO SECTION 13 OR 15
                     OF THE SECURITIES EXCHANGE ACT OF 1934

[X]  Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange
     Act of 1934 [Fee Required]  For the fiscal year ended December 31, 1996

                                      OR

[_]  Transition Report Pursuant to Section 13 or 15(d) of the Securities
     Exchange Act of 1934 [No Fee Required]

                        Commission File Number 1-14342
                                                                
                                NOVA CORPORATION
            (Exact name of registrant as specified in its charter)

             GEORGIA                                  58-2209575
         (State of organization)            (IRS Employer Identification No.)

     ONE CONCOURSE PARKWAY, SUITE 300, ATLANTA, GEORGIA             30328
         (Address of Principal Executive Offices)                (Zip Code)

      Registrant's telephone number, including area code:      (770) 396-1456
                                        
Securities registered pursuant to Section 12(b) of the Act:

      Title of each class             Name of each exchange on which registered
-------------------------------------------------------------------------------
  Common Stock, $0.01 par value per share          New York Stock Exchange, Inc.
 
Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.

Yes    x                 No _____
    -------        

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [_]

As of February 28, 1997, the aggregate market value of the 4,796,880 shares of
Common Stock of the Company held by non-affiliates of the Company was
approximately $78,548,910, based upon the closing price of $16.375 per share on
The New York Stock Exchange composite tape on such date. Non-affiliate ownership
is calculated by excluding all shares that may be deemed to be beneficially
owned by executive officers and directors, without conceding that all such
persons are "affiliates" for purposes of the federal securities laws. As of 
February 28, 1997, there were 28,730,185 shares of the Company's Common Stock 
outstanding.

                      DOCUMENTS INCORPORATED BY REFERENCE

Portions of the Annual Report to Shareholders for the year ended December 31, 
1996                                                          Parts II and IV

Portions of the Proxy Statement for the 1997 Annual Meeting of Shareholders to 
be held on May 14, 1997                                               Part III
<PAGE>

                                    PART IV

ITEM 14.  EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS
                ON FORM 8-K

     (a)(1).  Index to Consolidated Financial Statements

     The following financial statements are incorporated herein by reference to
     the Company's 1996 Annual Report to Shareholders, and are filed herewith as
     part of Exhibit 13:

     Consolidated Balance Sheets at December 31, 1996 and 1995.

     Consolidated Statements of Operations for each of the three fiscal years
     ending December 31, 1996, December 31, 1995 and February 28, 1995.

     Consolidated Statements of Shareholders' Equity for each of the three
     fiscal years ending December 31, 1996, December 31, 1995 and February 28,
     1995.

     Consolidated Statements of Cash Flows for each of the three fiscal years
     ending December 31, 1996, December 31, 1995 and February 28, 1995.

     Notes to Consolidated Financial Statements

     Report of Independent Auditors

     (2)  The following consolidated financial statement schedule of the Company
is included in Item 14(d):
Schedule II. - Valuation and Qualifying Accounts

     Schedules not included above have been omitted because they are not
applicable, not material, or the required information is given in the financial
statements or notes thereto.

     (3)  The following exhibits are incorporated by reference or were  
previously filed as part of this Form 10-K, except Exhibit 13 which is filed 
herewith:

                                       17

<PAGE>
 
EXHIBIT
NUMBER             DESCRIPTION            
--------           
                                          
 2.1   Merchant Business Purchase Agreement, dated October 18, 1994, as amended
       November 30, 1994 and December 9, 1994, among NOVA Information Systems,
       Inc., the Bank of Boulder, Bolder Bancorporation and NOVA Newco, Inc.
       (the "Bank of Boulder Business Purchase Agreement") /(1)/
  
*2.2   Contribution Agreement, dated October 30, 1995 (the "Contribution
       Agreement"), among the Registrant (formerly NOVA Holdings, Inc.), NOVA
       Information Systems, Inc., the then-current shareholders of NOVA
       Information Systems, Inc. (the "Original Shareholders"), First Union
       Corporation, the First Union Union Banks, and First Fidelity
       Bancorporation and its banking subsidiaries (which merged with and into
       First Union Corporation effective January 1, 1996) /(1)/
 
 3.1   Articles of Incorporation of the Registrant, as amended /(1)/
 
 3.2   Bylaws of the Registrant, as amended
 
 4.1   Specimen form of Common Stock certificate
 
 4.2   See Articles of Incorporation of the Registrant and Bylaws of the
       Registrant, filed as Exhibits 3.1 and 3.2, respectively

 4.3   Shareholders Agreement dated January 31, 1996 (the "Shareholders
       Agreement"), among the Registrant (formerly NOVA Holdings, Inc.), NOVA
       Information Systems, Inc., First Union, WorldCom, Warburg and each of the
       other Original Shareholders /(1)/

 4.4   Registration Rights Agreement (the "Registration Rights Agreement") dated
       January 31, 1996, among the Registrant (formerly NOVA Holdings, Inc.),
       Warburg, WorldCom, and First Union /(1)/
 
   9   Shareholders Agreement, incorporated by reference to Exhibit 4.3 /(1)/
 
10.1   Shareholders Agreement, incorporated by reference to Exhibit 4.3 /(1)/
 
10.2   Registration Rights Agreement, incorporated by reference to Exhibit 4.4 
       /(1)/
 
10.3   Employment Agreement, dated October 27, 1995, effective January 31, 1996,
       between NOVA Information Systems, Inc. and Edward Grzedzinski /(1)/
 
10.4   Employment Agreement dated October 27, 1995, effective January 31, 1996,
       between NOVA Information Systems, Inc. and James M. Bahin /(1)/
 
10.5   1991 Employees' Stock Option and Stock Appreciation Rights Plan, as
       amended /(1)/
 
10.6   1996 Employees Stock Incentive Plan, as amended, together with form of
       Incentive Stock Option Agreement and Non-Qualified Stock Option Agreement
       /(1)/
 
10.7   1996 Directors Stock Option Plan, as amended and restated

10.8   Contribution Agreement, incorporated by reference to Exhibit 2.2 /(1)/
 
10.9   Lease Agreement dated May 31, 1996 by and between NOVA Information
       Systems, Inc. and Concourse I, LTD. /(2)/

10.10  Sublease, dated April 1, 1991, between Inter-Banc, Inc. and The Baptist
       Health System of East Tennessee, Inc./ (1)/
 

                                       18

<PAGE>
 
10.11   Credit Agreement, dated December 8, 1994, as amended and restated
        January 31, 1996 among NOVA Information Systems, Inc., the Lenders named
        therein, and Bank of America National Trust and Savings Association, as
        Agent, and First Amendment and Waiver to Amended and Restated Credit
        Agreement dated as of May 1, 1996. /(2)/ 

10.12   Agreement dated February 28, 1996, between NOVA Information Systems,
        Inc. and WorldCom /(1)/
 
10.13   Subscribers Agreement, dated May 1, 1993, between NOVA Information
        Systems, Inc. and Total System Services, Inc., and Addendum to
        Subscribers Agreement, dated July 1993, between NOVA Information
        Systems, Inc. and Total System Services, Inc. /(1)/
 
*10.14  Marketing Agreement, dated June 30, 1994, between NOVA Information
        Systems, Inc. and Kessler Financial Services, L.P. /(1)/
 
*10.15  Agreement Regarding Merchant Processing Services and Other Matters,
        dated May 5, 1995, among NOVA Information Systems, Inc., First Alabama
        Bank and Regions Financial Corp. /(1)/
 
*10.16  Agreement, dated June 3, 1992, as amended December 9, 1992, April 28,
        1994 and November 2, 1994 between NOVA Information Systems, Inc. and
        Mellon Bank, N.A. (''Mellon Bank''), together with the Letter Agreement
        dated June 3, 1992 between NOVA Information Systems, Inc. and Mellon
        Bank relating to fees /(1)/
 
10.17   Depositary and Processing Agreement, dated September 30, 1993, between
        NOVA Information Systems, Inc. and Bank of the West /(1)/
 
*10.18  Bank of Boulder Purchase Agreement, incorporated by reference to Exhibit
        2.1 /(1)/
 
*10.19  Non-Competition Agreement, dated December 9, 1994, among NOVA
        Information Systems, Boulder Bankcard Processing, Inc. and Steven K.
        Bosley /(1)/
 
10.20   Marketing Agreement, dated October 1, 1992, between NOVA Information
        Systems, Inc. and MBNA America Bank, N.A. /(1)/
 
10.21   Agreement Not to Compete, dated October 1, 1992, between NOVA
        Information Systems, Inc. and MBNA America Bank, N.A. /(1)/
 
10.22   Depositary and Settlement Agreement, dated January 31, 1996, among the
        Registrant (formerly NOVA Holdings, Inc.), NOVA Information Systems,
        Inc. and FUNB-NC /(1)/
 
10.23   Marketing Support Agreement, dated January 31, 1996, among the
        Registrant (formerly NOVA Holdings, Inc.), NOVA Information Systems,
        Inc. and the First Union Banks /(1)/
   
 11.1   Statement re: Computation of Pro Forma Earnings Per Share
 
 11.2   Statement re: Computation of Historical Earnings Per Share
 
 11.3   Statement re: Computation of Supplemental Earnings Per Share
 
   13   1996 Annual Report to Shareholders - Following portions only:  
        "Shareholder Information;" "Selected Consolidated Financial Data;" 
        "Management's Discussion and Analysis of Financial Condition and Results
        of Operations;" the Consolidated Financial Statements and Accompanying
        Notes to Consolidated Financial Statements and the "Report of
        Independent Auditors"

   21   Subsidiaries of Registrant

   23   Consent of Ernst & Young LLP
 

                                       19

<PAGE>
 
   24   Powers of Attorney
 
   27   Financial Data Schedule

______________________

* Confidential treatment pursuant to 17 CFR (S)(S) 200.80 and 230.406 was
previously requested regarding certain portions of the indicated Exhibit in
connection with the Company's Registration Statement on Form S-1 (Registration
No. 333-3287), which portions have been filed separately with the
Commission.

/(1)/  Filed as an exhibit to the Company's Registration Statement on Form S-1
(Registration No. 333-3287), and incorporated herein by reference.

/(2)/  Filed as an exhibit to the Company's Quarterly Report on Form 10-Q for
the quarter ended March 31, 1996, filed on June 18, 1996, Commission File No. 1-
14342, and incorporated herein by reference.

          (b)  Reports on Form 8-K

          No reports on Form 8-K were filed or required to be filed during the
fourth quarter of 1996.


                                       20

<PAGE>
 
          (c)  Index of Exhibits

<TABLE> 
<CAPTION> 
 
EXHIBIT
NUMBER             DESCRIPTION            
-------           
<S>     <C> 
 2.1    Merchant Business Purchase Agreement, dated October 18, 1994, as amended
        November 30, 1994 and December 9, 1994, among NOVA Information Systems,
        Inc., the Bank of Boulder, Bolder Bancorporation and NOVA Newco, Inc.
        (the "Bank of Boulder Business Purchase Agreement") /(1)/
  
*2.2    Contribution Agreement, dated October 30, 1995 (the "Contribution
        Agreement"), among the Registrant (formerly NOVA Holdings, Inc.), NOVA
        Information Systems, Inc., the then-current shareholders of NOVA
        Information Systems, Inc. (the "Original Shareholders"), First Union
        Corporation, the First Union Union Banks, and First Fidelity
        Bancorporation and its banking subsidiaries (which merged with and into
        First Union Corporation effective January 1, 1996) /(1)/
 
 3.1    Articles of Incorporation of the Registrant, as amended /(1)/
 
 3.2    Bylaws of the Registrant, as amended /(3)/
 
 4.1    Specimen form of Common Stock certificate /(3)/
 
 4.2    See Articles of Incorporation of the Registrant and Bylaws of the
        Registrant, filed as Exhibits 3.1 and 3.2, respectively

 4.3    Shareholders Agreement dated January 31, 1996 (the "Shareholders
        Agreement"), among the Registrant (formerly NOVA Holdings, Inc.), NOVA
        Information Systems, Inc., First Union, WorldCom, Warburg and each of
        the other Original Shareholders /(1)/

 4.4    Registration Rights Agreement (the "Registration Rights Agreement")
        dated January 31, 1996, among the Registrant (formerly NOVA Holdings,
        Inc.), Warburg, WorldCom, and First Union /(1)/
 
   9    Shareholders Agreement, incorporated by reference to Exhibit 4.3 /(1)/
 
10.1    Shareholders Agreement, incorporated by reference to Exhibit 4.3 /(1)/
 
10.2    Registration Rights Agreement, incorporated by reference to Exhibit 4.4 
        /(1)/
 
10.3    Employment Agreement, dated October 27, 1995, effective January 31,
        1996, between NOVA Information Systems, Inc. and Edward Grzedzinski
        /(1)/
 
10.4    Employment Agreement dated October 27, 1995, effective January 31, 1996,
        between NOVA Information Systems, Inc. and James M. Bahin /(1)/
 
10.5    1991 Employees' Stock Option and Stock Appreciation Rights Plan, as
        amended /(1)/
 
10.6    1996 Employees Stock Incentive Plan, as amended, together with form of
        Incentive Stock Option Agreement and Non-Qualified Stock Option
        Agreement /(1)/
 
10.7    1996 Directors Stock Option Plan, as amended and restated /(3)/

10.8    Contribution Agreement, incorporated by reference to Exhibit 2.2 /(1)/
 
10.9    Lease Agreement dated May 31, 1996 by and between NOVA Information
        Systems, Inc. and Concourse I, LTD. /(2)/

10.10   Sublease, dated April 1, 1991, between Inter-Banc, Inc. and The Baptist
        Health System of East Tennessee, Inc./ (1)/
 
10.11   Credit Agreement, dated December 8, 1994, as amended and restated
        January 31, 1996 among NOVA Information Systems, Inc., the Lenders named
        therein, and Bank of America National Trust and Savings Association, as
        Agent, and First Amendment and Waiver to Amended and Restated Credit
        Agreement dated as of May 1, 1996. /(2)/ 

10.12   Agreement dated February 28, 1996, between NOVA Information Systems,
        Inc. and WorldCom /(1)/
 
10.13   Subscribers Agreement, dated May 1, 1993, between NOVA Information
        Systems, Inc. and Total System Services, Inc., and Addendum to
        Subscribers Agreement, dated July 1993, between NOVA Information
        Systems, Inc. and Total System Services, Inc. /(1)/
 
*10.14  Marketing Agreement, dated June 30, 1994, between NOVA Information
        Systems, Inc. and Kessler Financial Services, L.P. /(1)/
 
*10.15  Agreement Regarding Merchant Processing Services and Other Matters,
        dated May 5, 1995, among NOVA Information Systems, Inc., First Alabama
        Bank and Regions Financial Corp. /(1)/
 
*10.16  Agreement, dated June 3, 1992, as amended December 9, 1992, April 28,
        1994 and November 2, 1994 between NOVA Information Systems, Inc. and
        Mellon Bank, N.A. (''Mellon Bank''), together with the Letter Agreement
        dated June 3, 1992 between NOVA Information Systems, Inc. and Mellon
        Bank relating to fees /(1)/
 
10.17   Depositary and Processing Agreement, dated September 30, 1993, between
        NOVA Information Systems, Inc. and Bank of the West /(1)/
 
*10.18  Bank of Boulder Purchase Agreement, incorporated by reference to Exhibit
        2.1 /(1)/
 
*10.19  Non-Competition Agreement, dated December 9, 1994, among NOVA
        Information Systems, Boulder Bankcard Processing, Inc. and Steven K.
        Bosley /(1)/
 
10.20   Marketing Agreement, dated October 1, 1992, between NOVA Information
        Systems, Inc. and MBNA America Bank, N.A. /(1)/
 
10.21   Agreement Not to Compete, dated October 1, 1992, between NOVA
        Information Systems, Inc. and MBNA America Bank, N.A. /(1)/
 
10.22   Depositary and Settlement Agreement, dated January 31, 1996, among the
        Registrant (formerly NOVA Holdings, Inc.), NOVA Information Systems,
        Inc. and FUNB-NC /(1)/
 
10.23   Marketing Support Agreement, dated January 31, 1996, among the
        Registrant (formerly NOVA Holdings, Inc.), NOVA Information Systems,
        Inc. and the First Union Banks /(1)/
   
 11.1   Statement re: Computation of Pro Forma Earnings Per Share /(3)/
 
 11.2   Statement re: Computation of Historical Earnings Per Share /(3)/
 
 11.3   Statement re: Computation of Supplemental Earnings Per Share /(3)/
 
   13   1996 Annual Report to Shareholders - Following portions only:  
        "Shareholder Information;" "Selected Consolidated Financial Data;" 
        "Management's Discussion and Analysis of Financial Condition and Results
        of Operations;" the Consolidated Financial Statements and Accompanying
        Notes to Consolidated Financial Statements and the "Report of
        Independent Auditors" /(4)/

   21   Subsidiaries of Registrant /(3)/

   23   Consent of Ernst & Young LLP /(3)/
 
   24   Powers of Attorney /(3)/
 
   27   Financial Data Schedule /(3)/
</TABLE> 
----------------------
* Confidential treatment pursuant to 17 CFR (S)(S) 200.80 and 230.406 was
previously requested regarding certain portions of the indicated Exhibit in
connection with the Company's Registration Statement on Form S-1 (Registration
No. 333-3287), which portions have been filed separately with the
Commission.

/(1)/  Filed as an exhibit to the Company's Registration Statement on Form S-1
(Registration No. 333-3287), and incorporated herein by reference.

/(2)/  Filed as an exhibit to the Company's Quarterly Report on Form 10-Q for
the quarter ended March 31, 1996, filed on June 18, 1996, Commission File No. 1-
14342, and incorporated herein by reference.

/(3)/ Previously filed as part of this Form 10-K.

/(4)/ Filed herewith.
<PAGE>
 
          (d)  The following financial statement schedules are filed herewith:

<TABLE>
<CAPTION>
                                                           SCHEDULE II 

                                                  NOVA INFORMATION SYSTEMS, INC.

                                                 VALUATION AND QUALIFYING ACCOUNTS

                                                  --------------------------------------------------------------- 
                                                     BALANCE AT        CURRENT         CURRENT      BALANCE AT  
                                                    THE BEGINNING       YEAR            YEAR          THE END   
                                                    OF THE PERIOD    COST/EXPENSE     WRITE-OFFS   OF THE PERIOD
                                                  ---------------------------------------------------------------
                                                                                                                
FISCAL YEAR ENDING DECEMBER 31, 1996:                                                                           
<S>                                               <C>              <C>              <C>            <C>          
Reserve For Doubtful Accounts and Chargebacks            $440,000    $3,245,000       $978,000         2,707,000
Credit and Fraud Loss Reserve                             883,000             0        133,000           750,000
                                                                                                                
TEN MONTHS PERIOD ENDING DECEMBER 31, 1995:                                                                     
                                                                                                                
Reserve For Doubtful Accounts and Chargebacks            $206,000    $  634,000       $400,000        $  440,000
Credit and Fraud Loss Reserve                             691,000       337,000        145,000           883,000
                                                                                                                
FISCAL YEAR ENDING FEBRUARY 28, 1995:                                                                           
                                                                                                                
Reserve For Doubtful Accounts and Chargebacks            $210,000    $  668,000       $672,000        $  206,000
Credit and Fraud Loss Reserve                             587,000       264,000        160,000           691,000 
</TABLE>

                                       21

<PAGE>
 
                                   SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, as amended, the registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized on the 16th day of
April, 1997.

                             NOVA CORPORATION

 
                             By:  /s/
                                 ---------------------------
                                   Edward Grzedzinski
                                   Chairman, President and
                                   Chief Executive Officer

     Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed by the following persons on behalf of the registrant and
in the capacities indicated on April 16th, 1997.

       SIGNATURE                                TITLE
       ---------                                -----

/s/ Edward Grzedzinski             Director, Chairman of the Board,    
-------------------------------    President and Chief Executive Officer
Edward Grzedzinski                 (principal executive officer)        
                                                                        
                                                                        
/s/ James M. Bahin                 Director, Vice Chairman of the Board,
-------------------------------    Chief Financial Officer and Secretary
James M. Bahin                     (principal financial and accounting  
                                   officer)                             
                                

               *                   Director                             
-------------------------------                                            
Charles T. Cannada                                                      
                                                                        
               *                   Director                             
-------------------------------                                            
U. Bertram Ellis, Jr.                                                   
                                                                        
               *                   Director                             
-------------------------------                                            
Dr. Henry Kressel                                                       
                                                                        
               *                   Director                             
-------------------------------                                            
Joseph P. Landy                                                         
                                                                        
               *                   Director                             
-------------------------------                                            
Maurice F. Terbrueggen, Jr.                                             
                                                                        
               *                   Director                             
-------------------------------                                            
Fred Martin Winkler


*By: /s/ James M. Bahin
    ---------------------
      James M. Bahin
      as Attorney-In-Fact
 

                                       22