TeleCheck Services Inc. acquires TeleCheck Payment Systems Ltd.

HOUSTON--(BUSINESS WIRE)--Dec. 5, 1994--TeleCheck Services Inc., a subsidiary of Atlanta-based First Financial Management Corp. (FFMC), Monday announced it has acquired TeleCheck Payment Systems Ltd., its Australia and New Zealand franchise, for an undisclosed sum.

TeleCheck International, based in Houston, is the world's largest cheque acceptance company and serves more than 100,000 retail and financial clients. In 1993, the TeleCheck system processed $24 billion in check authorizations.

The TeleCheck franchise in Australia and New Zealand services more than 14,000 merchants and maintains offices in all the major cities in Australia and New Zealand. The operation has headquarters in Sydney, Australia.

``The addition of the Australia and New Zealand franchises and their merchant base is part of TeleCheck's continuing effort to consolidate and strengthen the TeleCheck system,'' said John Chaney, president and chief executive officer of TeleCheck Services.

``TeleCheck is leading the industry in technological development and product enhancements. We can offer more value to merchants as we make available new products and services in Australia and New Zealand.''

TeleCheck helps merchants eliminate the risk of bad checks by providing access to the industry's largest and most accurately maintained database and risk management systems. With TeleCheck, retailers and financial institutions can accept checks and build business by offering a liberal check acceptance policy that also guarantees payment.

``TeleCheck will introduce into Australia and New Zealand our new Access 1 check reader, which helps merchants accept checks as fast and as easy as they do credit cards,'' Chaney added.

The TeleCheck system provides check acceptance, check guarantee and collection services to more than 100,000 retail and financial institution clients through a sales service network with offices in more than 85 cities in the United States, Canada, Australia and New Zealand.

In 1993, FFMC, the parent company of TeleCheck, had revenues of $1.7 billion and net income of $127.6 million. FFMC recently acquired Western Union, the worldwide leader in the non-bank immediate money transfer business, with an established network of more than 24,000 agents in more than 70 countries. In the United States, Western Union has the predominant market share, estimated at around 90 percent.

FFMC is a worldwide leader in information services, offering a vertically integrated set of data processing, storage and management products for the capture, manipulation and distribution of data. Services include merchant and consumer payment services (involving credit cards, debit cards, cheques and non-bank immediate money transfers); debt collection and accounts receivable management; data imaging, micrographics and electronic database management; health- care claims processing and integrated management and cost- containment services; and the development and marketing of data communications and information processing systems, including in-store marketing programs and systems for supermarkets.

Its common stock is traded on the NYSE under the symbol FFM, and has a market capitalization of $3.5 billion.

CONTACT: TeleCheck Services Inc., Houston

Laura Hughes, 713/599-7678