DENVER, Dec. 4 /PRNewswire/ -- First Data Corp. (NYSE: FDC), a global
leader in electronic commerce and payment services, and Wachovia Corporation
(NYSE: WB), the nation's fourth largest financial holding company, today
announced the signing of a multi-year, enterprise-wide agreement. Effective
immediately, First Data will begin providing a variety of payment services to
Wachovia, including official check and money order processing, credit card
transaction processing and loan payment services. The agreement represents a
strategic move by First Data to deliver a broad range of payment services to
its clients in a simple, timely and cost-effective manner. Financial terms
were not disclosed.
"This agreement with Wachovia Corporation is a great example of the
breadth and depth of services First Data brings to the marketplace," says
Charles T. Fote, president and chief operating officer, First Data Corp.
"Several First Data businesses have previously provided services both to
Wachovia and to First Union, with whom Wachovia just merged. Our one-company
offering gives Wachovia a cost-effective solution that meets all of its
payment services needs."
"In order to provide our clients with a complete suite of banking and
brokerage services, Wachovia requires a partner who can offer an array of
back-office processing solutions," says Lee Wright, senior vice president at
Wachovia Corporation. "First Data brings to the table a full range of payment
services and products, along with a reputation for reliability and
performance."
About Wachovia Corporation
Wachovia Corporation (NYSE: WB), created through the September 1, 2001,
merger of First Union and Wachovia with assets of $326 billion as of
September 30 and $29 billion in stockholders' equity, is a leading provider of
financial services to 19 million retail and corporate customers throughout the
East Coast and the nation. The company operates full-service banking offices
under the First Union and Wachovia names in 11 East Coast states and
Washington, D.C., and offers full-service brokerage with offices in 48 states
and global services through more than 30 international offices. Online
banking and brokerage products and services are available through wachovia.com
and firstunion.com .
About First Data Corp.
First Data Corp. (NYSE: FDC), 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 .
SOURCE First Data Corp.
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Related links:
http://www.firstdata.com
CONTACT:
David Banks of First Data Corp.,
+1-303-968-8057; or Christy Phillips of Wachovia, +1-704-383-8178
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