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MAC(R) LAUNCHES PILOT PROGRAM TESTING 'STORED-VALUE' CARD

 MAC(R) LAUNCHES PILOT PROGRAM TESTING 'STORED-VALUE' CARD
 PHILADELPHIA, Feb. 27 /PRNewswire/ -- The Money Access Service (MAC(R)) is testing a new technology using "stored-value" or "pre-payment" cards.
 An internal pilot program has been initiated involving the more than 4,000 employees who work in the office building that houses MAC headquarters in Philadelphia. The pilot, using a card dubbed MONEYPASS, marks the first venture into the pre-paid field by an American financial services organization; pre-payment cards are currently in wide use in many European and Asian countries, including France, England and Japan.
 Currently, all cash-operated services within the MAC headquarters building, including the employee cafeteria, vending machines, postal service and the gift shop, accept the MONEYPASS card for payment. Employees "load" the card with cash value at special cash-to-card machines located in the building, using increments of $1, $5, $10, and $20. Technology is currently being developed to allow for a direct transfer of funds to the MONEYPASS card from a MAC card.
 "The MONEYPASS card is specifically targeted at transactions of $20 and under," said MAC Senior Vice President and Network Manager Donald J. Gleason. "When you consider that the United States sees more than 200 billion such transactions in a given year, you can begin to grasp the enormous potential that this product offers."
 Gleason said that the MONEYPASS card differs significantly from the European and Asian products, which are single-application in their use, the broadest being public telephone access. "MONEYPASS will offer single-card convenience with a variety of applications," he said. Following the pilot, the MAC network will determine the viability of extending the technology to a broader market, as well as integrating the MONEYPASS technology onto the MAC card.
 Gleason said, "MONEYPASS illustrates only one example of the potential that is still to be developed within the consumer electronic payments industry. The MAC network's history as a leader in terms of technical innovation and volume processing puts us in a favorable position to realize the potential of the stored-value concept."
 Hardware and software for MONEYPASS were developed by Debitek, Inc., the Tennessee-based debit card technology company. Debitek's President and Chief Executive Officer Kiran Gandhi said, "We see MONEYPASS as an opportunity for our organization to play a significant role, in partnership with MAC, in realizing the potential of stored value."
 ARA Services, the nation's largest provider of food services, holds the vending contract for the MAC headquarters building. ARA has also worked closely with MAC to develop and implement the MONEYPASS pilot program. ARA played a key role in evaluating alternative stored-value card technologies, as well as adapting vending machines to accept the MONEYPASS card.
 MAC is also working with Bell Atlantic Corporation to add pay telephones to the pilot components. A leading-edge provider of communications technology, Bell Atlantic, headquartered in Philadelphia, is the major vendor of public telephones throughout the Mid-Atlantic region. Public telephones, custom designed to accept only the MONEYPASS card, will be used in the trial to assess market acceptance of this technology.
 The MAC system currently has 940 participating financial institutions in Delaware, Maryland, New Jersey, New Hampshire, New York, Pennsylvania and West Virginia. MAC is the leading regional ATM network in the nation for "switched" transactions, those involving a customer of one financial institution using an ATM owned by another. It is among the top ATM networks in total transaction volume, and a leading provider of point-of-sale services, recording 46.8 million transactions per month through 7,811 ATMs and 14,500 point-of-sale terminals which accept MAC cards for payment.
 MAC, MONEYPASS and the Money Access Service are trademarks of the MAC program, which is offered as a correspondent banking service of CoreStates Bank, NA.
 /delval/
 -0- 2/27/92
 /CONTACT: Belle Gauvry of Earle Palmer Brown & Spiro, 215-851-9676, for Money Access Service/ CO: Money Access Service; CoreStates Bank, NA ST: Pennsylvania IN: FIN SU: PDT


JS-CC -- PH022 -- 3366 02/27/92 15:04 EST
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Date:Feb 27, 1992
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