WILMINGTON, Del., Feb. 12 /PRNewswire/ -- Electronic Payment Services,
Inc. (EPS), one of the nation's leading electronic transaction processors and
operator of the MAC(R) EFT network, announced today that chairman and chief
executive officer David M. Van Lear will retire at the end of February, 1997.
At an EPS board of directors meeting held earlier today, Richard N. Garman,
EPS president, was also named chief executive officer.  Robert T. Golitz,
senior executive vice president, was also named chief operating officer.
    Van Lear joined EPS as chairman and CEO in 1993 when the company was less
than a year old.  He led EPS through the early years of formation, building
the company's infrastructure, assembling a talented, diverse senior management
team and creating a new culture for 900 associates.  During his tenure, EPS'
annual switch volume grew to almost 2 billion, the MAC network's geographic
coverage expanded to include 45 states, ATM processing tripled to 14,000 ATMs
and 650 new clients were added.  Today, EPS is one of the largest EFT
processors in the United States.
    "We've been very pleased with the company's performance under David's
leadership," said Terrence A. Larsen, chairman and CEO of CoreStates Financial
Corp, the original owner of the MAC network, and member of the EPS board of
directors.  "When David took over the leadership of EPS, he accepted the
challenge of building a unified company to achieve solid financial
performance.  He's done that, having produced three consecutive years of
strong growth and increasing profitability."
    Van Lear began preparing for a smooth management succession 18 months ago
by hiring Richard Garman as president and chief operating officer to manage
the company's finance, marketing and operations areas.  Then, late last year,
he brought in Bob Golitz, a seasoned executive with broad management
experience, to oversee quality assurance and process control.  "Richard Garman
and Bob Golitz are both top-notch," said James E. Rohr, president of PNC Bank
Corp. and chairman of the executive committee for the EPS board of directors.
"Richard's strong financial experience and business acumen combined with Bob's
excellent operational and management skills will create a dynamite executive
management team.  I can't think of two people better positioned to assume
leadership of EPS."
    Having fulfilled his commitment to EPS, Van Lear looks back on his three
years with satisfaction.  "EPS was a wonderful experience for me," said Van
Lear.  "Electronic payment processing is a fast-paced business with new
opportunities emerging daily.  Building a company in such an environment was
both challenging and rewarding, and I was privileged to work with the best
associates in the industry." Van Lear plans to divide his retirement between
his home in Carmel, California and his retreat in Minnesota.
    EPS, a privately-held company headquartered in Wilmington, Delaware, is
the holding company for BUYPASS Corporation, a major third-party POS processor
and debit transaction acquirer with annual transaction volume of over
900 million; and MONEY ACCESS SERVICE INC., an EFT processor driving over
14,300 ATMs nationwide.  MONEY ACCESS SERVICE is also operator of the MAC EFT
network, the largest EFT network in the United States based on over 1 billion
switch transactions annually, with 23,900 ATMs in 45 states.  MONEY ACCESS
SERVICE INC. controls the license rights for the registered trademark MAC.

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