Western Union Financial Services, Inc., a subsidiary of First Data Corp., and Genpass Inc., owner and operator of the MoneyMaker and MONEYBELT EFT networks, announced they have reached an agreement that will enable ATMs owned and/or driven by Genpass to offer the Western Union Money Transfer service.
Genpass will join Western Union’s ATM Money Transfer Network, allowing consumers access to one of the newest ways to send and receive money, 24-hours a day, seven days a week. This agreement facilitates the continued expansion of Western Union’s ATM-based money transfer service around the country. Genpass plans to rollout money transfer capability on its own ATMs early next year.
“Interest in ATM money transfer as a value-added service is growing within the financial services industry, particularly in light of the tremendous growth we’re seeing in worldwide money transfer transactions,” said Mike Yerington, president for Western Union North America. “As the second largest ATM driver in the U.S., the addition of Genpass’ EFT Networks and ATMs to our integrated ATM and Agent money transfer network will increase consumer accessibility to Western Union’s fast, secure and reliable money transfer services.”
“Genpass is committed to offering new services that benefit our EFT network and ATM customers. Providing around the clock access to money transfers expands the functions consumers can transact at an ATM. Genpass management has a history of delivering value-added services to the consumer marketplace,” said Bipin C. Shah, president and CEO of Genpass. “It is also a terrific opportunity for our ATM partners to attract more transactions per ATM. And, given Western Union’s brand strength and market penetration, choosing them as a provider was simple.”
About Western Union ATM Money Transfer
The Western Union ATM Money Transfer service allows consumers to electronically send money at any participating ATM by simply swiping an ATM card and then selecting the money transfer option. The user is prompted to select a personal identification number (PIN) and the desired dollar amount of the transfer. The ATM provides the sender a receipt and confirmation number. To complete the money transfer, the sender relays the confirmation number and PIN to the intended recipient who can retrieve the funds from any participating ATM, or at any Western Union agent location. No bankcard is necessary to receive the funds at the ATM, and because the combination of the PIN and confirmation code is unique for every transaction, the process is safe and secure.
Unlike other person-to-person, ATM-based, money transfer systems that only allow for money transfers between ATMs, the Western Union ATM Money Transfer service (formerly known as Z-Cash) offers interoperability with Western Unions Agent network of nearly 40,000 agent locations across the U.S.
About Western Union Financial Services, Inc. and First Data
Western Union Financial Services, Inc., a subsidiary of First Data Corp. (NYSE: FDC), is a worldwide leader in consumer money transfer services. Consumers can quickly, safely and reliably transfer money at more than 117,000 Agent locations in more than 185 countries and territories. Famous for its pioneering telegraph service, the original Western Union dates back to 1851 and introduced electronic money transfer service in 1871. Western Union is celebrating its 150th anniversary in 2001. For more information, please visit the company’s Web site at [http://www.westernunion.com].
First Data Corp., with global headquarters in Denver, powers the global economy. Serving approximately 2.6 million merchant locations, more than 1,400 card issuers and millions of consumers, First Data makes it easier, faster and more secure for people and businesses to buy goods and services, using virtually any form of payment: credit, debit, smart card, stored-value card or check at the point-of-sale, over the Internet or by money transfer. For more information, please visit the company’s Web site at [http://www.firstdata.com].
About GTCR Golder Rauner, LLC, and Genpass Inc.
GTCR Golder Rauner, LLC, is a leading private equity investment firm that owns and operates Genpass Inc. Founded in 1980, GTCR pioneered the investment strategy of identifying and partnering with exceptional executives to acquire companies in fragmented and growing industries. GTCR currently manages more than $4 billion in equity capital invested in a broad range of companies and industries, including transaction processing, information technology services, financial services and marketing services.
Genpass Inc., through its subsidiary companies, is the owner and operator of the MoneyMaker(SM) and MONEY BELT(R) EFT networks. The corporate headquarters of Genpass Inc. is located in Pennsylvania with additional executive and processing headquarters in Dallas. The Genpass family of companies offers technology-based, financial transaction processing and EFT servicing solutions for financial institutions, independent sales organizations, and corporate customers. MoneyMaker is the second largest ATM driver in the U.S. with over 20,000 ATMs in all 50 states. MoneyMaker is one of the largest transaction processors in the U.S., processing over 300 million transactions annually with gateways to every major card issuer and regional network in the nation. Genpass also operates Genpass Service Solutions, the largest independent ATM servicing company in the U.S., and Genpass ATM Solutions, which aids customers in formulating strategies for ATM deployments. The Genpass companies serve more than 1000 financial services customers.