7-Eleven Stores to Offer Fully Automated Western Union Money Transfer and Money Order Services as Part of V.com.
DALLAS & ENGLEWOOD, Colo.--(BUSINESS WIRE)--Feb. 27, 2001
7-Eleven, Inc. (NYSE:SE), the world's largest convenience store chain, and Western Union Financial Services, Inc. and Integrated Payment Systems, Inc., both subsidiaries of First Data Corp. (NYSE:FDC), today announced that they have signed seven-year, exclusive agreements to provide Western Union Money Transfer(R)and Money Order services through 7-Eleven stores nationwide as part of the convenience store retailer's V.com(TM) strategy.
V.com is 7-Eleven, Inc.'s web-enabled, integrated financial services kiosk that merges the capabilities of an ATM with the benefits of the Internet. During the initial stage of introduction, V.com will provide financial services beyond those of a conventional ATM, including money orders, money transfers and check cashing. In the future, 7-Eleven anticipates that customers will be able to have touch-screen access to services such as bill payment, deposit capability, event ticketing, travel directions and road maps. V.com has been designed to allow customers online shopping and fulfillment options using 7-Eleven's daily distribution infrastructure.
"The strength of Western Union's brand and service offerings combined with 7-Eleven's V.com strategy will provide a revolutionary way for customers to conveniently access financial services around the clock," said Jim Keyes, 7-Eleven president and CEO. "These agreements expand our long-standing relationship with Western Union and provide additional services to our customers who currently purchase over $4 billion worth of money orders each year."
Under the agreements, 7-Eleven will begin offering Western Union Money Transfer services through its V.com units and continue to sell Western Union(R) Money Order(SM) services. Additionally, Western Union will rollout their ATM-based money transfer service to automated teller machines in 7-Eleven stores across the country.
"These agreements create value for both of our companies, but more significantly, they create value for our mutual customers who need a reliable and fast means of transferring money anytime of day or night," said Ric Duques, chairman and CEO of First Data Corp. "7-Eleven gives our money transfer customers another national presence that virtually everyone knows, typically 24 hours a day, seven days a week and in a friendly, comfortable environment. 7-Eleven has been a great distribution channel for our money orders and will be an outstanding money transfer agent for our customers."
"7-Eleven anticipates announcing more V.com strategic alliances this year as we work with premier companies to provide additional services through V.com," added Keyes.
About 7-Eleven, Inc:
With more than 21,000 convenience stores worldwide, the operations of 7-Eleven, Inc. include more than 5,700 7-Eleven and other convenience stores in the United States and Canada. In addition, licensees and affiliates operate more than 15,300 7-Eleven stores in the United States, its territories and 17 other countries. 7-Eleven stores' home page is located at www.7-eleven.com.
About Western Union Financial Services, Inc. and Integrated Payment Systems, Inc.:
Western Union Financial Services, Inc. is a worldwide leader in consumer money transfer services. The company provides rapid money transfer service through more than 95,000 agent locations in more than 185 countries and territories worldwide. 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.
Integrated Payment Systems, Inc. is the leading provider of official check and money orders. The First Data unit issues more than 500 million individual checks annually for financial institutions throughout the U.S.
Western Union Financial Services, Inc. and Integrated Payment Systems, Inc. are subsidiaries of Atlanta-based First Data Corp. (NYSE:FDC), a global leader in electronic commerce and payment services. For more information, please visit the company's Web site at www.firstdata.com.
Additional Note: Some of the matters discussed in this news release contain forward-looking statements regarding the Companies' future business prospects, which are subject to certain risks and uncertainties, including competitive pressures, adverse economic conditions and governmental regulations. These issues, and other factors which may be identified from time to time in the Companies' reports filed with the SEC, could cause actual results to differ materially from those indicated in the forward-looking statements.