Concord Merger Delivering Results.

MEMPHIS, Tenn.--(BUSINESS WIRE)--Aug. 25, 1999--

Concord EFS, Inc. (NASDAQ: CEFT) marked the six-month anniversary of the acquisition of Electronic Payment Services, Inc. (EPS) with an announcement of major accomplishments and milestones over the last 180 days. The acquisition, which was completed on February 26, 1999, has been viewed favorably by industry observers and analysts due to strong business synergies and the significant potential for cross-selling to Concord's and EPS' respective client bases. Reasons cited by Concord for the merger included cross-selling opportunities among point of sale clients, distribution of multiple products through EPS' financial institution channel, operating cost synergies, and substantial increase in processing scale.

"I'm very pleased with our progress to date," said Edward A. Labry III, Concord president. "We moved quickly to integrate and cross-train the sales and marketing organizations in the first 30 days of the merger, and that's paid off in cross-selling successes. The response from clients, prospects, and organizations to our end-to-end processing solution has been highly favorable, which we see as an endorsement of our merger objectives. This quarter we completed the integration of all aspects of our two organizations, and we will continue to focus on realizing the synergies between our two companies in the coming months."

Some notable successes in the past 6 months include:

-- EPS' front-end processed supermarket clients representing over

500 locations have signed contracts with Concord to add back-end

settlement services, most notably Bruno's, Piggly Wiggly,

Minyard's Food Stores, Marsh Supermarkets, and DeMoulas

Supermarkets. Concord has also received new contracts for its

end-to-end processing solution from supermarkets and major retail

companies representing over 2,800 locations.

-- EPS' front-end processed petroleum clients representing over

8,600 locations have signed contracts for Concord's back-end

product, including Sunoco, Cenex Harvest States, United Refining,

Merit Oil, and Certified Oil. New contracts for Concord's

end-to-end product will add over 1,800 locations.

-- EPS' financial institution clients are being actively solicited

to participate in Concord's turn-key agent bank program. One

notable success in this distribution channel is an agreement with

Citizens & Northern Bank, a $680 million asset financial

institution, to provide agent bank services for their 4,500

merchants.

-- In June, Concord was selected by the Food Marketing Institute to

be an exclusive partner in developing new electronic payment

solutions for the supermarket industry. The first products to

emerge from this strategic partnership are designed to reduce the

significant costs supermarkets incur processing more than 800

million paper checks per month. These new products include check

conversion, which returns the check to the consumer after reading

the micr-encoding, and an ACH-card product, which replaces the

paper check.

-- Concord is also on track for capturing the planned cost synergies

in the areas of telecommunications, personnel, and outside

services expenses.

"At the same time, traditional growth within our core segments of retail, supermarket, oil and gas, financial institutions, and trucking has been strong," continued Labry. "We still have work ahead of us, but we're where we wanted to be at this juncture."

Note: For more information, a listen-in conference call is scheduled for 9:00 a.m. Central Standard Time on August 26, 1999 at 800/310-8725 (reference Concord EFS), with simultaneous access via the Internet at www.businesswire.com. Edward A. Labry III, Concord's president, will provide a brief slide presentation, followed by a question and answer period.

About Concord:

Concord is a vertically integrated electronic transaction processor, providing transaction authorization, data capture, settlement and funds transfer services to selected markets. Concord's primary activities include providing credit, debit, check authorization and electronic benefits transfer (EBT) processing services to supermarket, petroleum, convenience store and other retailers; 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.

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 of1934, 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.