Aggressive National Expansion of Western Union
ATM Money Transfer Network Continues
DENVER and FORT WASHINGTON, Pa., Oct. 11 /PRNewswire/ -- Western Union
Financial Services, Inc., a subsidiary of First Data Corp. (NYSE: FDC), and
Genpass Inc., owner and operator of the MoneyMaker(SM) and MONEYBELT(R) EFT
networks, today announced they have reached an agreement that will enable ATMs
owned and/or driven by Genpass to offer the Western Union Money Transfer(R)
service.
Genpass will join Western Union's ATM Money Transfer Network, allowing
consumers access to one of the newest ways to send and receive money, 24-hours
a day, seven days a week. This agreement facilitates the continued expansion
of Western Union's ATM-based money transfer service around the country.
Genpass plans to rollout money transfer capability on its own ATMs early next
year.
"Interest in ATM money transfer as a value-added service is growing within
the financial services industry, particularly in light of the tremendous
growth we're seeing in worldwide money transfer transactions," said Mike
Yerington, president for Western Union North America. "As the second largest
ATM driver in the U.S., the addition of Genpass' EFT Networks and ATMs to our
integrated ATM and Agent money transfer network will increase consumer
accessibility to Western Union's fast, secure and reliable money transfer
services."
"Genpass is committed to offering new services that benefit our EFT
network and ATM customers. Providing around the clock access to money
transfers expands the functions consumers can transact at an ATM. Genpass
management has a history of delivering value-added services to the consumer
marketplace," said Bipin C. Shah, president and CEO of Genpass. "It is also a
terrific opportunity for our ATM partners to attract more transactions per
ATM. And, given Western Union's brand strength and market penetration,
choosing them as a provider was simple."
About Western Union ATM Money Transfer
The Western Union ATM Money Transfer service allows consumers to
electronically send money at any participating ATM by simply swiping an ATM
card and then selecting the money transfer option. The user is prompted to
select a personal identification number (PIN) and the desired dollar amount of
the transfer. The ATM provides the sender a receipt and confirmation number.
To complete the money transfer, the sender relays the confirmation number and
PIN to the intended recipient who can retrieve the funds from any
participating ATM, or at any Western Union agent location. No bankcard is
necessary to receive the funds at the ATM, and because the combination of the
PIN and confirmation code is unique for every transaction, the process is safe
and secure.
Unlike other person-to-person, ATM-based, money transfer systems that only
allow for money transfers between ATMs, the Western Union ATM Money Transfer
service (formerly known as Z-Cash) offers interoperability with Western Unions
Agent network of nearly 40,000 agent locations across the U.S.
About Western Union Financial Services, Inc. and First Data
Western Union Financial Services, Inc., a subsidiary of First Data Corp.
(NYSE: FDC), is a worldwide leader in consumer money transfer services.
Consumers can quickly, safely and reliably transfer money at more than
117,000 Agent locations in more than 185 countries and territories. 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., with global headquarters in Denver, powers the global
economy. Serving approximately 2.6 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, smart card, 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.
About GTCR Golder Rauner, LLC, and Genpass Inc.
GTCR Golder Rauner, LLC, is a leading private equity investment firm that
owns and operates Genpass Inc. Founded in 1980, GTCR pioneered the investment
strategy of identifying and partnering with exceptional executives to acquire
companies in fragmented and growing industries. GTCR currently manages more
than $4 billion in equity capital invested in a broad range of companies and
industries, including transaction processing, information technology services,
financial services and marketing services.
Genpass Inc., through its subsidiary companies, is the owner and operator
of the MoneyMaker(SM) and MONEY BELT(R) EFT networks. The corporate
headquarters of Genpass Inc. is located in Pennsylvania with additional
executive and processing headquarters in Dallas. The Genpass family of
companies offers technology-based, financial transaction processing and EFT
servicing solutions for financial institutions, independent sales
organizations, and corporate customers. MoneyMaker is the second largest ATM
driver in the U.S. with over 20,000 ATMs in all 50 states. MoneyMaker is one
of the largest transaction processors in the U.S., processing over 300 million
transactions annually with gateways to every major card issuer and regional
network in the nation. Genpass also operates Genpass Service Solutions, the
largest independent ATM servicing company in the U.S., and Genpass ATM
Solutions, which aids customers in formulating strategies for ATM deployments.
The Genpass companies serve more than 1000 financial services customers.
SOURCE Western Union Financial Services, Inc.
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Related links:
http://www.westernunion.com
CONTACT:
Joan Wurzel of Genpass Inc., +1-610-747-0256,
joanatcommlink@aol.com; or Wendy Carver-Herbert of Western Union
Financial Services, Inc., +1-303-967-6416,
wendy.carver@firstdatacorp.com
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