Concord EFS, Inc.
New solution for brick-and-mortar stores based on XML standards and SOAP protocols
San Francisco, CA - January 16, 2002 - Concord EFS, Inc., a leading electronic commerce provider, unveiled its new Internet point of sale (POS) payment solution at the InfoWorld Next-Generation Web Services conference in San Francisco. This solution allows brick-and-mortar (traditional) stores to use a secure Internet connection in place of a dial-up or leased-line connection to authorize card-based payments. The solution features Concord`s EFSnetsm gateway, which acts as a translator between Internet language and payment processing language, helping dissimilar systems to communicate with each other. The EFSnet gateway is directly connected to Concord’s payment processor.
EFSnet was officially launched in November 2001, but has been processing Web site e-commerce transactions since July. Based on newly defined “Web services” standards and protocols, including extensible markup language (XML) and simple object access protocol (SOAP), EFSnet takes payment processing services to the next level by removing the traditional barriers of programming, certification and periodic recertification.
Stores currently using POS dial-up lines are likely to receive the greatest benefits from Concord’s Internet POS offering. Instead of the usual 6 to 8 second delay of a dial-up connection, an Internet line is always connected. This allows stores to receive the same processing speed as a dedicated leased-line connection without the expensive installation and maintenance costs that go along with this service.
EFSnet also alleviates the time and cost complications that are often associated with traditional POS transmission lines. Since EFSnet is already certified to Concord`s processing platform, the POS system must simply integrate to EFSnet to transmit transactions. And because EFSnet is a Web services-based solution, its innate flexibility allows for quick and simple gateway integration with any system.
“We are building a strong list of applications that will utilize EFSnet, and we are proud to unveil POS as the second Internet payment application using this gateway,” said Gary Arnold, head of Concord’s emerging technologies group, which has seen a 40 percent growth per month in its merchant base. “We are optimistic that our success with Web site payment processing will continue into this new medium as well.”
Concord (Nasdaq: CEFT) is a leading, vertically-integrated electronic transaction processor, providing transaction authorization, data capture, settlementc and funds transfer services to financial institutions, supermarkets, petroleum retailers, convenience stores, and other independent retailers. Concord’s primary activities include Network Services, providing ATM driving, online and signature debit card processing, and STARsm network access to the financial services industry; and Payment Services, providing credit, debit, check authorization, and electronic benefits transfer processing services to selected retail segments. Concord news releases, links to SEC filings, and other information are available on its corporate web site at www.concordefs.com.
This release may contain or incorporate by reference forward-looking statements made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any such statements are not guarantees of future performance and involve risks, uncertainties and other factors which may cause our actual performance or achievements to be materially different from any future results, performance or achievements expressed or implied by those statements. Concord undertakes no obligation to publicly update or revise any forward-looking statements to reflect changed assumptions, the occurrence of anticipated or unanticipated events or changes to future results over time. See the cautionary statements included as Exhibit 99.1 to our Form 8-K filed on July 18, 2001 for a more detailed discussion of certain of the factors that could cause our actual results to differ materially from those included in the forward-looking statements.
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