First Data Combines MoneyZap(SM) and Achex Services
DENVER – (Sept. 4, 2001) – First Data Corp. (NYSE: FDC) will be changing its MoneyZapSM service to better meet the needs of the evolving online payment marketplace. The service will continue to handle person-to-person transactions, but will now provide businesses with an online payment service that can be integrated into their current payment options quickly and easily.
Newly acquired Achex Inc. will operate and offer the Western Union® MoneyZap service to current customers of both Achex and MoneyZap . First Data Corp. (NYSE: FDC), acquired Achex Inc. in July to meet the growing need for online business-to-consumer payments. Known for its online checking account-based payment solution, Achex` technology uses the Internet and existing payment networks to transfer funds online in a simple, convenient and secure manner.
“The MoneyZap service combines the trusted and well-known Western Union brand, the payment expertise of First Data, and the robust Achex platform for superior merchant functionality,” said Elaine Bolle, president of Achex. “First Data is a global leader in payment processing for merchants in the brick and mortar world and we are committed to replicating that expertise in the online world as well. By providing the MoneyZap service on the Achex platform, First Data businesses will be well positioned to meet the future online payment processing needs of both businesses and consumers.”
The emerging e-mail payments market is expected to grow exponentially over the next five years, rivaling the growth of credit cards and ATMs. TowerGroup, a Needham, Mass.-based financial research firm, estimates that the volume of e-mail payment transactions will grow from 42 million transactions in 2000 to more than 4 billion in 2005.
While the majority of the current e-mail payments market is comprised of person-to-person, or P2P, transactions, industry experts expect greater revenue potential to be generated by online consumer-to-business and business-to-business transactions. According to TowerGroup, consumer-to-business payment volume is expected to top 31 billion transactions annually by 2005, creating a market worth an estimated $443 billion.
As online transactions grow, businesses need to accept a variety of online payments, including payments from consumers who do not use credit cards. The MoneyZap service, operated by Achex, will answer that need and facilitate payments from a bank account.
About Achex, Inc.
Achex, Inc. is an e-commerce payments provider with a current focus on simple and secure checking payment solutions for merchants, consumers and small businesses. The Achex service, based on a patent-pending infrastructure and business process, uses the Internet and existing payment networks to transfer funds online in a simple, convenient and highly secure manner from existing checking accounts. Founded in 1999, Achex was acquired by First Data in July 2001. For more information, please visit the company’s Web site at www.achex.com.
About Western Union
Western Union Financial Services, Inc., a subsidiary of First Data Corp., is a worldwide leader in consumer money transfer services. The company provides rapid money transfer service through a global agent network. Consumers can quickly, safely and reliably transfer money at more than 100,000 agent locations in more than 185 countries and territories using the Western Union money transfer network. 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 www.westernunion.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 www.firstdata.com.
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Media Contacts:
Wendy Carver-Herbert
P: 303-967-6416
wendy.carver@firstdatacorp.com
Tonia Fuller
P: 212-699-2722
tonia@middleberg.com
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