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) said its Fiserv EFT/CNS unit has extended its national electronic benefits transfer (EBT) gateway switch agreement with JPMorgan Electronic Financial Services (JPMorgan EFS), 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 and Temporary Assistance to Needy Families (TANF) 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 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 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.
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|Date:||Jun 7, 2004|
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