Concord EFS and Certegy Announce Joint Business Initiatives.

Business Editors

MEMPHIS, Tenn.--(BUSINESS WIRE)--July 30, 2002

Concord EFS, Inc. (Nasdaq: CEFT) and Certegy Inc. (NYSE: CEY), two leading providers of electronic payment processing services, today announced joint initiatives in which each will provide its core processing services to the other company's retail clients. Under the terms of the agreements, Concord and Certegy will jointly market and sell payment processing and check authorization services to merchants nationwide:

-- "Certegy Payments Powered by Concord" - Concord will provide front-end point of sale processing for credit, debit and electronic benefits transfer payments for Certegy's approximately 40,000 merchant customers plus new merchants signed by Certegy. Conversion of Certegy's merchants to Concord's platform is expected to begin during the second half of 2002.

-- "Concord Check Services Powered by Certegy" - Certegy and Concord will jointly market Certegy's complete suite of check authorization services, including imageless electronic check conversion, to Concord merchants and prospects nationwide.

"Concord has the comprehensive product line, superior performance, and long-term vision that we look for in a business partner," said Lee Kennedy, Certegy chairman and chief executive officer. "Concord's front-end technology is simply the best in the business, and ranges seamlessly from providing turn-key processing for small merchants all the way up to integrated processing services for major retailers. Our top priority is satisfied clients, and we're confident that our retail clients will be pleased that we chose Concord for their credit, debit and EBT payments."

"Concord and Certegy's product lines are very complementary, so the combination of Concord and Certegy products creates a powerful offering," said Edward A. Labry III, Concord president. "While Concord is strong in merchant acquiring and network services, Certegy's strengths are in card processing and check risk management. These agreements represent a good beginning for Concord and Certegy, and we look forward to exploring other mutually beneficial opportunities in the future."

Concord's business relationship with Certegy goes back to 1999, when Concord first included Certegy in a portfolio of check authorization providers that Concord offered in its check services product line. Under the terms of the new agreement, Concord's Check Conversion and Warranty Service will be powered by Certegy. The check services will be integrated on Concord's proprietary STAR(SM) Universal Terminal along with credit, debit, electronic benefits transfer, IDLogix(TM) age verification, electronic coupons, and customized receipts. Check conversion on the STAR terminal will not involve check image capture because it leverages Certegy's ability to minimize fraud through its proprietary risk modeling capabilities.

"With over 7 billion checks written annually at the point of sale, converting paper checks to electronic form represents a huge opportunity to reduce retailer costs," said Mr. Labry. "We believe that Certegy's extensive experience in check risk management combined with simple check reader technology is the synthesis that will help check conversion to become more widespread and allow us to deliver on the promise of reducing the costs of accepting checks for payment."

Terms of the agreements and the financial impact of the business ventures on the two companies were not disclosed.

About Concord

Concord is a leading vertically integrated electronic transaction processor, providing transaction authorization, data capture, settlement and funds transfer services to financial institutions, supermarkets, petroleum retailers, convenience stores, restaurants, and other independent retailers. Concord's primary activities include Network Services, providing ATM driving, PIN-secured and signature debit card processing, deposit risk management, 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 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 99.2 to our Annual Report on Form 10-K filed on February 26, 2002 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.

About Certegy

Certegy Inc. (NYSE:CEY) provides credit, debit and merchant card processing, check risk management and check cashing services to over 6,000 financial institutions, 117,000 retailers and over 100 million customers worldwide. Headquartered in Alpharetta, Georgia, Certegy maintains a strong global presence with operations in the United States, Canada, United Kingdom, Ireland, France, Chile, Brazil, Australia and New Zealand. As a leading payment services provider, Certegy offers a comprehensive range of transaction processing services, check risk management solutions and integrated customer support programs that facilitate the exchange of business and consumer payments. Certegy generated $936 million in revenue in 2001. For more information on Certegy, please visit www. certegy.com.

The statements in this release include forward-looking statements that are based on current expectations, assumptions, estimates, and projections about Certegy and our industry. They are not guarantees of future performance and are subject to risks and uncertainties, many of which are outside of Certegy's control, that may cause actual results to differ significantly from what is expressed in those statements. The factors that could, either individually or in the aggregate, affect our performance include the following, which are described in greater detail in the section entitled "Certain Factors Affecting Forward-Looking Statements" in our 2001 Annual Report on Form 10-K filed with the SEC: Our ability to maintain or improve our competitive positions against current and potential competitors; the level of economic growth or other factors affecting demand for our products and services; loss of key customer contracts or strategic relationships; changes in regulation or industry standards applicable to our businesses or those of our customers; risks associated with investments and operations in foreign countries, including exchange rate fluctuations and local political, social, and economic factors, and those other risks listed in the above-referenced section of our Form 10-K.