Fiserv Extends EBT Agreement with JPMorgan EFS; Food Stamp and Temporary Assistance to Needy Families Transactions Supported.
BROOKFIELD, Wis.--(BUSINESS WIRE)--June 7, 2004
Fiserv, Inc. (Nasdaq:FISV FISV Fiserv, Inc (stock symbol) ) said its Fiserv EFT/CNS unit has extended its national electronic benefits transfer (EBT EBT
See: Earnings Before Taxes ) gateway switch agreement with JPMorgan Electronic Financial Services (JPMorgan EFS EFS Encrypted File System (Microsoft Windows 2000)
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EFS Evangeliska Fosterlandsstiftelsen (Sweden) ), the nation's largest EBT service provider.
Fiserv will continue to provide JPMorgan EFS with the technical infrastructure that connects acquirers to authorization endpoints for processing Food Stamp Program The US Food Stamp Program is a federal assistance program that provides food to low income people living in the United States. Benefits are distributed by the individual states, but the program is administered through the U.S. Department of Agriculture. and Temporary Assistance to Needy Families (TANF TANF Temporary Assistance for Needy Families (previously known as AFDC) ) transactions, among others. Terms of the contract extension were not disclosed.
JPMorgan EFS renewed with Fiserv specifically for its extensive processing experience in the debit card debit card, card that allows the cost of goods or services that are purchased to be deducted directly from the purchaser's checking account. They can also be used at automated teller machines for withdrawing cash from the user's checking account. environment. The government assistance distribution process that JPMorgan EFS administers leverages the commercial debit processing model to deliver government benefits electronically to qualified cardholders through the use of debit cards at ATMs and merchant locations. Fiserv processing volumes under the agreement are currently more than 60 million transactions per month.
In addition to Fiserv's transaction processing capability, JPMorgan EFS is leveraging Fiserv's single-point corrections and single-point settlement service capabilities. These value-add services eliminate excessive manual intervention in adjustment processing and simplify and streamline the settlement process. These Fiserv service offerings provide a critical component in ensuring recipients can access the benefits they need.
Fiserv, Inc. (Nasdaq:FISV) provides information management systems and services to the financial industry, including transaction processing, business process outsourcing Business process outsourcing (BPO) is the contracting of a specific business task, such as payroll, to a third-party service provider. Usually, BPO is implemented as a cost-saving measure for tasks that a company requires but does not depend upon to maintain its position in and software and systems solutions. The company serves more than 15,000 clients worldwide, including banks, broker-dealers, credit unions, financial planners and investment advisers, insurance companies and agents, self-funded employers, lenders and savings institutions. Headquartered in Brookfield, Wisconsin, Fiserv reported $2.7 billion in processing and services revenues for 2003. Fiserv can be found on the Internet at www.fiserv.com.