WILMINGTON, Del., May 20 /PRNewswire/ -- The MAC(R) electronic funds
transfer (EFT) network's presence in the state of Michigan will significantly
expand with the signing of Old Kent Bank, the second largest bank
headquartered in the state. Old Kent adds 370 ATMs and 320,000 cardholders to
the MAC(R) network. The MAC network, the largest EFT network in the United
States based on switch transactions is operated by MONEY ACCESS SERVICE INC.,
a subsidiary of Electronic Payment Services, Inc. (EPS), Wilmington, Delaware.
Old Kent Bank signed an agreement to participate in the network in
Michigan and will also receive gateway access to other regional and national
networks through the network's parent, EPS. Headquartered in Grand Rapids,
Michigan, Old Kent Bank has over 200 full-service branches in Michigan and
Illinois and total assets of $14.2 billion.
The conversion is expected to be completed in fourth quarter 1998,
bringing the total number of MAC cardholders in the state of Michigan to
1.6 million. MAC cardholders will have access to more than 860 MAC branded
ATMs in the state of Michigan, and over 34,000 in the network nationwide.
"We are extremely pleased to welcome Old Kent Bank to the MAC network,"
said Steve Dawe, senior vice president, sales, EPS. "Old Kent has a
reputation for providing the highest levels of service and performance to
their customers and we are delighted that they have selected us for our
value-added services. Their decision to participate in our network and use
our gateway services is indicative of the fact that EPS is the premier
provider of EFT services and is committed to maintaining high quality products
and performance," said Dawe.
"We chose to partner with the MAC network to expand our ATM network
offering in Michigan because we like the direction in which they are headed,"
said Pete Finch, vice president, Alternate Delivery Banking for Old Kent Bank.
"We know we are starting a relationship with a processor known for excellent
service, competitive pricing and the ability to develop and provide the latest
in product innovation," said Finch.
Old Kent Bank is a bank holding company in Grand Rapids, Michigan that
operates over 200 full service banking offices in Michigan and Illinois and
114 mortgage lending sites in 27 states. As of March 31, 1998, Old Kent had
total assets of approximately 14.2 billion.
Electronic Payment Services, Inc. (EPS), a privately held company
headquartered in Wilmington, Delaware, is a leading electronic funds transfer
(EFT) processor in the United States, with approximately 2.3 billion
transactions annually. EPS is the holding company for BUYPASS Corporation, a
major third-party POS processor and debit transaction acquirer with annual
transaction volume of over 1 billion; and MONEY ACCESS SERVICE INC., an EFT
processor driving 25,000 ATMs in all 50 states. MONEY ACCESS SERVICE is also
operator of the MAC(R) EFT network, the largest EFT network in the United
States based on almost 1.3 billion switch transactions annually, with 34,000
ATMs and over 426,000 POS terminals nationally. Close to 2,200 financial
institutions are members of the MAC network, with 36.8 million customers
carrying cards bearing the MAC logo. MONEY ACCESS SERVICE INC. controls the
license rights for the registered trademark MAC.
SOURCE Electronic Payment Services
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Company News On-Call: http://www.prnewswire.com or
fax, 800-758-5804, ext. 576550
CONTACT:
Tricia L. Schafer, Public Relations Associate
of Electronic Payment Services, 302-791-8906, or Tanya Berg, Vice
President, Corporate Communications of Old Kent Bank,
616-771-4364
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