Agreements With EKI Transfer and Yugoslavian Banks to Offer Customers Nearly
300 Money Transfer Locations Throughout Serbia and Montenegro
MONTVALE, N.J., May 10 /PRNewswire/ -- Western Union Financial Services,
Inc, a subsidiary of First Data Corp. (NYSE: FDC) today announced the launch
of Western Union Money Transfer(R) services to Yugoslavia. For the first
time, Serbian emigres throughout the world will be able to send money home to
loved ones using Western Union's safe, rapid and reliable services. By the
end of 2001, more than 300 agent locations in Serbia and Montenegro will be
equipped to receive and pay out money transfer transactions.
The recent election of President Vojislav Kostunica signaled the end of
U.S. sanctions in Yugoslavia and made possible Western Union's entrance into
this emerging market. Since that time, demand for money transfer services,
from Serbians living outside Yugoslavia, has continued to increase
dramatically. Western Union's swift entry into Yugoslavia makes it one of the
first American companies to do business in the economically devastated
country.
"Serbians currently living and working outside of Yugoslavia are looking
for ways to improve the lives of their friends and relatives in need and to
help rebuild our country," said Father Majstorovic, Dean of the Saint Sava's
Serbian Orthodox Cathedral in Manhattan. "Through the Western Union Money
Transfer service, they will now be able to send money to their loved ones
quickly and safely. This will not only help families in need, but I believe
it will also greatly stimulate small business growth and influx of much needed
capital to Yugoslavia."
Under the terms of the three year contract, Western Union will provide
money transfer services through its agent, EKI Transfer and through several
Yugoslavian banks, acting as EKI Transfer subagents, including Jugobanka,
Bojvodjanska and Atlas Bank. Western Union plans to expand its agent
locations to include other banks and institutions throughout the country. As
the service is launched, money transfer services will be immediately available
in 30 locations, in several cities, throughout Serbia and Montenegro. Funds
may be received in Deutsche marks, dinars and, in selected locations, U.S.
dollars.
"It has been estimated that more than three million Serbians are currently
living outside of their country. While these expatriates have become proud
members of their new communities, they remain very loyal to their families
back home and seek the safest most reliable means of sending them money," says
Alan Silberstein, president and CEO, Western Union Financial Services.
"Western Union is the first commercial money transfer provider to offer a
service Serbians can rely on to meet the needs of their communities."
Western Union Financial Services, Inc. is a worldwide leader in consumer
money transfer services. Consumers can quickly, safely and reliably transfer
money at approximately 104,000 agent locations in more than 185 countries and
territories using the Western Union and Orlandi Valuta money transfer
networks. Famous for its pioneering telegraph service, the original Western
Union dates back to 1851 and introduced electronic money transfer service in
1871. Western Union is celebrating its 150th anniversary in 2001. For more
information, please visit the company's Web site at http://www.westernunion.com.
First Data Corp. powers the global economy. Serving nearly 2.5 million
merchant locations, more than 1,400 card issuers and millions of consumers,
First Data makes it easier, faster and more secure for people and businesses
to buy goods and services, using virtually any form of payment: credit, debit,
stored-value card or check at the point-of-sale, over the Internet or by money
transfer. For more information, please visit the company's Web site at
http://www.firstdata.com.
SOURCE Western Union Financial Services, Inc.
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Related links:
http://www.westernunion.com
Company News On-Call:
http://www.prnewswire.com/comp/138116.html or fax,
800-758-5804, ext. 138116
CONTACT:
Wendy Carver Herbert of Western Union
Financial Services, 303-967-6107,
wendy.carver@firstdatacorp.com,; or investors, Barbara Marxer of
First Data Corp., 770-857-7118, barbara.marxer@firstdatacorp.com
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