BA Merchant Services Inc., First Data Financial Services, and USA Processing Form Gaming Funds Transfer Joint Venture.SAN FRANCISCO--(BUSINESS WIRE)--July 31, 1998--BA Merchant Services Inc. (BAMS BAMS, n.pr See Bachelor of Ayurvedic Medicine and Surgery. ), (NYSE NYSE See: New York Stock Exchange :BPI) announced that it has entered into a joint venture with First Data Financial Services, the gaming funds transfer subsidiary for First Data Corporation (NYSE:FDC FDC - Floppy Disk Controller ) and USA Processing. The joint venture will provide a full range of electronic funds transfer See EFT. (application, communications) electronic funds transfer - (EFT, EFTS, - system) Transfer of money initiated through electronic terminal, automated teller machine, computer, telephone, or magnetic tape. and other services to more than 1,200 gaming properties nationwide. Services offered through the joint venture will include credit card, debit card debit card, card that allows the cost of goods or services that are purchased to be deducted directly from the purchaser's checking account. They can also be used at automated teller machines for withdrawing cash from the user's checking account. , ATM, Western Union(R) Money Transfer services and check cashing with authorizations by TeleCheck. Western Union and TeleCheck are First Data subsidiaries. "In creating this joint venture, we are increasing the solutions offered to gaming properties and expanding the options available to their patrons," said Sharif Bayyari, president and chief executive officer of BAMS. Terms of the transaction were not disclosed. BAMS participation in the joint venture is subject to regulatory approval. BAMerchant Services provides an array of payment processing and related information products and services to merchants who accept credit, charge, and debit cards as payment for goods and services In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility (unless the "good" is a "bad"). It is often used when referring to a Goods and Services Tax. . BAMS is the exclusive provider of merchant processing services for Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. . According to industry sources, BAMS is the fourth largest processor of merchant credit transactions and one of the largest processors of debit card transactions in the United States. USA Processing, Inc. is based in Sunnyvale, California, and is one of the first non-bank institutions to provide electronic payment systems. USA Processing offers a complete range of electronic transactions products and services for the gaming, banking and retail industries. Hackensack, N.J.-based First Data Corporation is a global leader in the payment systems, electronic commerce and information management products and services. First Data and its principal operating units process the information that allows millions of consumers to pay for goods and services by credit, debit or smart card at the point of sale or over the Internet; by check or wire money.
CONTACT: BA Merchant Services Inc.
Betty Riess (Media), 415/622-6397
Vince Barella (Investors), 415/241-7732
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