Concord EFS and Travelers Express/MoneyGram to Cooperate on Person-to-Person Transfers.

Business Editors

MEMPHIS, Tenn.--(BUSINESS WIRE)--March 18, 2002

New patented service will feature send and receive money transfers

via STAR(SM) network ATMs

Concord EFS, Inc. (Nasdaq:CEFT), a leading processor to the financial services industry and operator of the STAR debit network, today announced plans to join with Travelers Express/MoneyGram to offer a person-to-person money transfer service via the STAR network. The new service will allow STAR cardholders to initiate "send" transactions at participating ATMs, and will allow recipients to collect the funds via a special STAR MoneyGram card at any of the approximately 209,000 STAR ATMs nationwide.

MoneyGram, a leading money transfer network operating with more than 50,000 agent locations in 150 countries, will provide the transaction services for both the "send" and "receive" transactions at STAR ATMs. This unique service concept is protected by Concord patents that cover the use of cards to send and receive money transfers at self-service terminals, such as ATMs. The ATM-to-ATM service is expected to pilot and begin initial rollout in the fall of 2002. The "send" service will be initially available through ATMs that are processed by Concord and eventually available to all participating STAR ATMs on an optional basis.

"With MoneyGram, we gain a partner experienced in money transfers with a broad distribution network and a recognizable, reliable money transfer brand," said Edward A. Labry III, Concord president. "Financial institutions have told us that they want new ways to leverage their ATM investment and to add value to their cardholder services. The STAR MoneyGram money transfer service will be the first person-to-person payment alternative that allows every network member to participate in both the send and receive side of the transaction, creating many new opportunities for revenue."

"This will greatly expand the scope of our global send and receive network and make funds more easily available to people," said Philip W. Milne, president and chief executive officer, Travelers Express/MoneyGram. "Most importantly, now our customers will have more choices. Money sent from an agent location may be picked up at a STAR ATM, or the customer could send the funds through a participating STAR ATM and have it picked up at one of our agent locations or another STAR ATM. It's a great solution for the many consumers who do not have bank accounts," he added. "We believe that our jointly developed technology is the most advanced and consumer-friendly option in the marketplace today."

Person-to-person payments are secure transfers of money between individuals for such things as sending money to family members in other countries or sending money to people that do not have bank accounts and therefore cannot cash checks. With the STAR MoneyGram money transfer service, financial institutions that own ATMs will be able to participate in the "receive" transactions without any changes to existing hardware or software. ATMs participating in the STAR MoneyGram "send" transaction will require minor software modifications to support the added information required for a secure money transfer transaction.

MoneyGram international money transfer is a brand of Travelers Express, a payment systems leader serving both the retail and financial institution marketplace. Services include money orders, utility bill payments, ExpressPayment emergency bill payment services, official checks, and gift certificates. Travelers Express is a subsidiary of Viad Corp (NYSE:VVI), a Phoenix-based services company.

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, and STAR(SM) 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 on its corporate web site at www.concordefs.com.

STAR, a wholly owned subsidiary of Concord, is the nation's largest PIN-secured debit network and an expert in secure, real-time electronic transactions. In addition to being the industry leader in processing PIN-secured debit transactions, STAR develops market-expanding innovations such as check electronification to help financial institutions, retailers, and independent sales organizations connect with and better meet their customers' needs. STAR processed approximately 5.5 billion transactions in 2001 via 6,230 participating financial institutions and more than one million participating ATMs and retail locations.

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.