Extension With Star Systems(R) for ATM and POS Included
DENVER, Sept. 15 /PRNewswire-FirstCall/ -- Electronic commerce and
payments leader First Data Corp. (NYSE: FDC) today announced a signed
Letter-of-Intent (LOI) with Bank of America (NYSE: BAC) to provide new and
expanded services.
Bank of America, the nation's largest debit card issuer, will extend its
agreement with the STAR(R) Debit and ATM Network, one of the suite of services
within the First Data Debit Services portfolio.
"We're extremely pleased to expand and strengthen our relationship with
Bank of America, a leading financial services provider," said Charlie Fote,
chairman and chief executive officer, First Data. "This agreement is
representative of First Data's commitment to provide the market with
innovative choices for payments and transaction processing benefiting
financial institutions, merchants and consumers."
Under the agreement, the STAR Network will begin to process PIN-secured
debit transactions for a portion of Bank of America's portfolio. In addition,
a majority of Bank of America ATMs will continue to participate in the STAR
Network.
"We look forward to building on our already successful relationship with
First Data," said Robert Whyte, Card Operations executive, Bank of America.
"We are committed to providing our customers with convenient and easy access
to their funds. Partnering with First Data further supports this commitment."
The LOI includes additional services to be provided by other First Data
businesses, including:
* First Data's REMITCO unit will provide remittance processing services
for Bank of America credit card payments.
* First Data will provide plastics personalization for Bank of America
credit and debit card portfolios, including former Fleet credit and
debit cards.
* Bank of America will extend its contract with First Data Voice
Services for Interactive Voice Response (IVR) and live agent card
activation services for its credit and debit card portfolios.
* TASQ Technology, a wholly owned subsidiary of First Data will supply
point-of-sale (POS) equipment and supplies for Bank of America's
merchant acquiring business.
* Bank of America will extend its current contract with Primary Payment
Systems (PPS), a part of the First Data family. PPS is a leading
provider of risk management solutions that provide services to combat
check, identity and new account fraud.
About First Data
First Data Corp. (NYSE: FDC), with global headquarters in Denver, helps
power the global economy. As a leader in electronic commerce and payment
services, First Data serves approximately 3.5 million merchant locations,
1,400 card issuers and millions of consumers, making it easy, fast and secure
for people and businesses around the world to buy goods and services using
virtually any form of payment. With more than 30,000 employees worldwide, the
company provides credit, debit, private-label, smart and stored-value card
issuing and merchant transaction processing services; Internet commerce
solutions; money transfer services; money orders; and check guarantee and
verification services. The STAR(R) Network offers PIN-secured debit
acceptance at 261,000 ATMs and one million point-of-sale locations nationwide.
First Data also offers a variety of payment services to businesses around the
world including those in the United Kingdom, Australia, Canada, Japan, Mexico,
Spain, Panama, Brazil, China, the Netherlands, the Middle East and Germany.
Its Western Union and Orlandi Valuta money transfer networks include
approximately 200,000 Agent locations in more than 195 countries and
territories. Visit http://www.firstdata.com for more information.
FDC-1
SOURCE First Data Corp.
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Related links:
http://www.firstdata.com
CONTACT:
Investor Relations, David Banks,
+1-303-967-8057, david.banks@firstdata.com, or Media Relations,
Donna Pennington, +1-402-222-6178,
donna.pennington@firstdatacorp.com, both of First Data Corp.
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