Concord EFS, Inc., has completed the acquisition of Cash Station, Inc., the nation’s seventh-largest EFT network. Cash Station will be combined with Concord’s MAC network for a total of 3,300 members, 64,000 ATMs, 52 million cards, and 200 million switch transactions per month.

Edward A. Labry III, Concord president said, “Financial institutions will have access to a broader array of processing products that they can make available to their customers such as signature-based debit card processing, payroll processing, and our turn-key agent bank program.” Labry continued, “Midwest merchants will benefit from a larger cardholder base driving growth in PIN-based debit card payments, which are cheaper and more secure than other payment alternatives.”

Switch processing, gateway services, ATM terminal driving, and card authorization services—which are currently outsourced by Cash Station to a third-party processor—will be converted to Concord during 2001. Addition of the MAC brand to Cash Station-branded ATMs and POS locations will also occur throughout 2001, accompanied by network-sponsored consumer education and marketing support.

Concord is a vertically integrated electronic transactions processor, providing transaction authorization, data capture, settlement, and funds transfers. For additional information visit www.concordefs.com.

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