Concord EFS Completes Acquisition of Cash Station EFT Network.

Business Editors

MEMPHIS, Tenn.--(BUSINESS WIRE)--Aug. 22, 2000

Concord EFS, Inc. (NASDAQ:CEFT) announced today that it has completed the acquisition of Cash Station, Inc., the 7th largest EFT (electronic funds transfer) network in the U.S. The Chicago-based network will be combined with Concord's MAC(R) network, for a total of 3,300 members, 64,000 ATMs, 52 million cards, and almost 200 million switch transactions per month.

"The addition of Cash Station(R) expands the MAC network in the Midwest, and broadens the financial institution channel for our processing services," said Edward A. Labry III, Concord president. "For Cash Station financial institutions, merchants, and consumers, combining with Concord and the MAC network offers many advantages. Financial institutions will have access to a broader array of processing products that they can make available to their customers, such as signature-based debit card processing, payroll processing, and our turn-key agent bank program. Cash Station cardholders will be able to use their debit cards at many more ATM and point of sale locations across a broader geography. And Midwest merchants will benefit from a larger cardholder base driving growth in PIN-based debit card payments, which are cheaper and more secure than other payment alternatives."

Switch processing, gateway services, ATM terminal driving, and card authorization services--which are currently outsourced by Cash Station, Inc. to a third party processor--will be converted to Concord operations during 2001. Addition of the MAC brand to Cash Station-branded ATMs and POS locations will also occur throughout 2001, accompanied by network-sponsored consumer education and marketing support. The Cash Station network has 645 financial institution members, and operates primarily in the states of Illinois, Indiana, Kansas, Kentucky, Michigan, Missouri, and Wisconsin.

About Concord:

Concord is a vertically-integrated electronic transaction processor, providing transaction authorization, data capture, settlement and funds transfer services to financial institutions, supermarkets, petroleum retailers, convenience stores, and other independent retailers. Concord's primary activities include providing credit, debit, check authorization, and electronic benefits transfer (EBT) processing services to selected retail segments; and providing gateway processing, ATM driving and MAC(R) network access to the financial services industry. Concord also provides electronic payment and payroll services to trucking companies, truck stops and other segments of the market. 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 statements which may constitute "forward-looking" information, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended. Any such statements are not guarantees for future performance and involve risks and uncertainties, and actual results may differ materially from those contemplated by such forward-looking statements. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future results over time. See the cautionary statements included as Exhibit 99 to our Form 10-Q for the quarter ended March 31, 1999 for a more detailed discussion of certain of the factors that could cause actual results to differ materially from those included in the forward-looking statements.