Concord EFS forms strategic processing alliance with Comdata Network.MEMPHIS Memphis, city, ancient Egypt Memphis (mĕm`fĭs), ancient city of Egypt, capital of the Old Kingdom (c.3100–c.2258 B.C.), at the apex of the Nile delta and 12 mi (18 km) from Cairo. , Tenn.--(BUSINESS WIRE)--May 2, 1996--Concord EFS EFS Encrypted File System (Microsoft Windows 2000) EFS Event Free Survival (survival rates in clinical trials) EFS Evangeliska Fosterlandsstiftelsen (Sweden) , Inc. (Nasdaq:CEFT CEFT Czech Educational Foundation of Texas CEFT Competitive Evaluation Field Test CEFT Certified Electronic Funds Transfer ) today announced a multi-year agreement with Comdata Network, Nashville, Tennessee “Nashville” redirects here. For other uses, see Nashville (disambiguation). Nashville is the capital and the second most populous city of the U.S. state of Tennessee, after Memphis. , a wholly-owned subsidiary of Ceridian Corporation. Under the agreement, Concord EFS will authorize and settle debit, credit and ATM card transactions for Comdata in the gaming industry, potentially adding an estimated 60 million dollars plus to Concord's revenues annually. Concord EFS is a Bank Holding Corporation with operations concentrating in the payment services industry. Its traditional markets have been retailers, convenience stores and supermarket chains across the United States. Comdata, based in Brentwood, Tennessee, is part of Minneapolis-based Ceridian Corporation (NYSE NYSE See: New York Stock Exchange :CEN CEN - Conseil Européen pour la Normalisation. A body coordinating standardisation activities in the EEC and EFTA countries. ). Comdata is a leading provider of transactions processing services to the trucking and gaming industries. Comdata serves the transportation industry by assisting trucking companies and truck stops with data-intensive operations, such as funds transfer, fuel purchase, permits, and automated routing and scheduling solutions. Cash advance services from Comdata are available at most gaming locations nationwide. Ceridian is a leading information services See Information Systems. and defense electronics company that serves the human resources, electronic media, transportation, gaming and government markets. Its information services segment includes Comdata, human resources businesses, and the Arbitron Company. Its defense electronic business is Computing Devices International. "Comdata is looking forward to the opportunity to consolidate its debit and credit card services with a single processor," stated John ("Jock") A. West, General Manager of the Gaming Division, Comdata. Edward A. Labry, President of Concord EFS stated, "The combined agreements will allow strong synergies to develop between the two companies. This allows Concord to provide services for Comdata in one package that historically required several processors, thus reducing Comdata's overall cost as well. We believe our consolidated processing system will provide Comdata a more cost-effective and efficient processing solution for the markets in which they serve." The agreement is effective immediately and processing services could begin as early as June. CONTACT: Concord EFS, Inc., Memphis Edward A. Labry, 901/371-8000 |
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