Concord EFS modifies processing agreement 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)--June 23, 1997--Concord EFS EFS Encrypted File System (Microsoft Windows 2000) EFS Event Free Survival (survival rates in clinical trials) EFS Evangeliska Fosterlandsstiftelsen (Sweden) Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CEFT CEFT Czech Educational Foundation of Texas CEFT Competitive Evaluation Field Test CEFT Certified Electronic Funds Transfer ) and Comdata Network Inc. announced today the modification of certain terms and conditions of their previously announced agreements. Under the modified agreements, Concord will now become the exclusive provider of processing services for P.O.S. debit transactions and ATM driving and settlement. The new agreement also sets forth the final provisions of the Fleet Card Agreement which allows Comdata's approximate 600,000 Fleet cards to gain ATM access at Concord's Truck Stop ATM Network for cash advances for its drivers who carry the Comdata Fleet Cards. The network will be available to begin to accept Comdata's Fleet Cards on Tuesday, June 24, 1997. The credit card portion of the agreement, which Concord EFS had not begun to process, will be removed from the agreements. The agreements will allow the two companies to focus on debit, ATM and the Fleet Card products and now extend the term of ATM and debit processing until June 2001. The Fleet Card agreement continues through April 2002. Tony Holcombe, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Comdata, states, "More people today are accessing their funds from ATM cards and Comdata must continue to bring innovative solutions to each of our markets. Concord EFS has a unique host of products with its ATM network and debit network connections. Structuring the agreement in this manner will allow Comdata to utilize its resources to concentrate on growing the ATM, P.O.S. debit and Fleet Card business." Dan M. Palmer, chairman and CEO of Concord EFS, said, "We changed the priorities so they made sense for both companies. Focusing on the Fleet Card and ATM processing are the most attractive portions of the overall agreement for Concord. By extending the term of the agreement and concentrating on this group of services, the overall relationship is better now and for the long term." Comdata provides funds transfer, fuel purchase, cash advance, and permits services, as well as fleet optimization and routing software, for the trucking industry; point-of-sale and data collection services for the truck stop industry; cash advance services for the gaming industry; and long-distance telecommunication services for the transportation and gaming industries. Comdata, based in Brentwood, Tenn., is part of Minneapolis-based Ceridian Corp. (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. ). Ceridian Corp. is a leading information services See Information Systems. and defense electronics company that serves the human resources The fancy word for "people." The human resources department within an organization, years ago known as the "personnel department," manages the administrative aspects of the employees. , electronic media, transportation, gaming, and government markets. Its information services segment includes Comdata, a group of human resources businesses, and Arbitron. Its defense electronics business is Computing Devices International. Concord EFS provides electronic transaction authorization, processing, settlement, and funds transfer services in selected markets including supermarket chains, grocery stores, convenience store merchants, other retailers and the trucking industry. CONTACT: Concord EFS, Inc., Memphis Edward A. Labry III, 901/371-8000 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion