Concord
EFS
The Food Marketing
Institute has selected Concord EFS, Inc., as a strategic partner in
developing future electronic payment solutions (EPS) and network
strategies. Concord will serve as FMI's technical advisor, educator,
and innovator on EPS projects targeted to reduce the overall cost of
accepting electronic payments in the supermarket industry.
The Food Marketing
Institute (FMI) is a nonprofit association conducting programs in
research, education, industry relations, and public affairs on behalf
of its 1,500 membersófood retailers, wholesalers, and their
customers worldwide. FMI's domestic member companies operate
approximately 21,000 retail food stores with a combined annual sales
volume of $220 billionómore than half of all grocery store
sales in the U.S.
"The rapid
migration of paper-based payments to the electronic format makes this
one of the most dynamic times in the history of the supermarket
industry," said Ed Labry, Concord president. "FMI's strong leadership
and vision for the future will help accelerate this movement for the
benefit of all its members and the industry at large."
FMI's EPS
Operating Committee recommended Concord for several reasons including
Concord's industry knowledge and experience, established ACH card
program, and emerging electronic check truncation program.
In addition,
Concord EFS, Inc., has been chosen by Bridgeview Bank & Trust to
provide processing services for their merchant acquirer business
beginning next year. The exclusive multi-year processing agreement
calls for Concord to provide accounting, settlement, and reporting
services for over 14,000 Bridgeview B&T merchant
clients.
"Concord
recognizes that successful outsourcing is as much about service as it
is about technology," said Tom Haleas, EVP, Bridgeview Bank &
Trust. "We need top-notch processing, but we also want flexibility,
and we believe Concord will give us both. We're looking forward to
improving and expanding our program with Concord's help."
Historically,
Concord has marketed back-end processing services directly to
merchants, or via an agent bank program offered through its own
merchant bank, EFS National Bank. The agreement with Bridgeview
signals a new focus on providing processing services to large
principal merchant banks as well as smaller agent banks.
Edward A. Labry,
president, Concord EFS, said, "We process for some of the largest
retailers in the U.S., but our merchant bank processing has
historically been focused on the smaller end of the market. We have
the product, the scale, and the expertise to provide a new
alternative for large banks seeking to outsource their merchant
processing."
Concord provides
transaction authorization, data capture, settlement, and funds
transfer services to selected markets. Concord's primary activities
include providing credit, debit, check authorization, and electronic
benefits transfer (EBT) processing services to supermarket,
petroleum, and convenience stores as well as other retailers; and
providing gateway processing, ATM driving, and MAC® network
access to the financial services industry.
Bridgeview B&T
entered the merchant card processing business in 1993 and services
the credit card processing needs of more than 14,000 merchants
nationwide. In a typical month, Bridgeview B&T processes more
than $35,000,000 in credit card sales and is adding new merchants at
a rate of 600 to 800 per month.
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