26.06.2006 12:00:00
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First Data's Money Network and ADP Sign Agreement to Provide Powerful Paycard Solution
Through the agreement, Money Network, a leading provider ofpaycard solutions to employers looking for a safe, convenient andcost-effective alternative to paper checks, will be responsible forback office operations and program implementation for employersseeking a paycard solution.
"We're delighted with the opportunity to present a combinedsolution that utilizes the industry-leading technology of MoneyNetwork and the domain expertise of ADP to the payroll marketplace,"said First Data Money Network President Mark Herrington. "Thisagreement provides businesses of any size with a combination ofresources designed to deliver a complete paycard solution."
The offering is FDIC-insured and leverages the existing MoneyNetwork TRANSCHECK(SM) product, a self-issued check system thatenables Money Network's Paycard clients to provide their employeesimmediate and free access to their payroll funds.
"ADP has long recognized that card processing innovation is vitalto the evolution of the paycard business," said Laurie Eldridge,Senior Division Vice President and General Manager, ADP Tax andFinancial Services. "Working with First Data's Money Network willfurther broaden the TotalPay(R) Card , and expand our reach in themarket."
This latest agreement further demonstrates the strategicrelationship between First Data and ADP and follows a June 19, 2006,marketing agreement announcement which includes the ability for FirstData to market ADP Small Business Services' EasyPay(SM) payrollsolution to companies with less than 50 employees.
About First Data
First Data Corp. (NYSE: FDC) is a leading provider of electroniccommerce and payment solutions for businesses and consumers worldwide.Serving 4.6 million merchant locations, 1,600 card issuers andmillions of consumers, First Data powers the global economy by makingit easy, fast and secure for people and businesses around the world tobuy goods and services using virtually any form of payment. Thecompany's portfolio of services and solutions includes credit, debit,private-label, gift and other prepaid card issuing and merchanttransaction processing services; money transfer services; moneyorders; fraud protection and authentication solutions; check guaranteeand verification services through TeleCheck; as well as Internetcommerce and mobile solutions. Western Union, together with itsaffiliates Orlandi Valuta and Vigo, are leaders in global moneytransfer, providing people with fast, reliable and convenient ways tosend money around the world, pay bills and purchase money ordersthrough a network of over 270,000 agent locations in more than 200countries and territories. The company's STAR Network offersPIN-secured debit acceptance at 1.9 million ATM and retail locations.For more information, visit www.firstdata.com.
About ADP
Automatic Data Processing, Inc. (NYSE: ADP), with over $8.0billion in revenues and more than 600,000 clients worldwide, is one ofthe largest providers of a broad range of premier, mission-critical,cost-effective transaction processing and information-based businesssolutions. ADP(R) Employer Services (ES), a division of ADP, offersthe widest range of HR, payroll, and benefit administration solutionsfrom a single source, to meet the extensive business needs ofemployers worldwide. Built with more than 50 years of industryexperience, ADP ES' cost-effective, easy-to-use solutions providesuperior value to companies of all sizes. Approximately 540,000companies rely on ADP ES for unparalleled service and complianceexpertise, allowing them to focus on other core activities. For moreinformation about ADP ES or to contact a local ADP sales office, reachus at 1-800-225-5237 or visit the company's Web site at www.ADP.com.
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