Paycard Solutions: First Data's Money Network And ADP Sign Agreement To Provide Powerful Paycard Solution
Money Network, a First Data Corp. company (NYSE: FDC), and ADP® Employer Services, a division of Automatic Data Processing, Inc. (NYSE: ADP), a leader in HR, payroll and benefit administration solutions, have announced a strategic agreement to provide co-branded paycards. This offering, TotalPay® Card, combines the resources and expertise of two industry leaders and will provide businesses of all sizes with a robust paycard solution.
Through the agreement, Money Network, a leading provider of paycard solutions to employers looking for a safe, convenient and cost-effective alternative to paper checks, will be responsible for back office operations and program implementation for employers seeking a paycard solution.
"We're delighted with the opportunity to present a combined solution that utilizes the industry leading technology of Money Network and the domain expertise of ADP to the payroll marketplace," said First Data Money Network President Mark Herrington. "This agreement provides businesses of any size with a combination of resources designed to deliver a complete paycard solution."
The offering is FDIC insured and leverages the existing Money Network TRANSCHECK product, a self-issued check system that enables Money Network's Paycard clients to provide their employees immediate and free access to their payroll funds.
"ADP has long recognized that card processing innovation is vital to the evolution of the paycard business," said Laurie Eldridge, Senior Division Vice President and General Manager, ADP Tax and Financial Services. "Working with First Data's Money Network will further broaden the TotalPay® Card , and expand our reach in the market."
This latest agreement further demonstrates the strategic relationship between First Data and ADP and follows a June 19, 2006 marketing agreement announcement which includes the ability for First Data to market ADP Small Business Services' EasyPay payroll solution to companies with less than 50 employees.
About First Data
First Data Corp. (NYSE: FDC) is a leading provider of electronic commerce and payment solutions for businesses and consumers worldwide. Serving 4.6 million merchant locations, 1,600 card issuers and millions of consumers, First Data powers the global economy by making it easy, fast and secure for people and businesses around the world to buy goods and services using virtually any form of payment. The company's portfolio of services and solutions includes credit, debit, private-label, gift and other prepaid card issuing and merchant transaction processing services; money transfer services; money orders; fraud protection and authentication solutions; check guarantee and verification services through TeleCheck; as well as Internet commerce and mobile solutions. Western Union, together with its affiliates Orlandi Valuta and Vigo, are leaders in global money transfer, providing people with fast, reliable and convenient ways to send money around the world, pay bills and purchase money orders through a network of over 270,000 agent locations in more than 200 countries and territories. The company's STAR Network offers PIN-secured debit acceptance at 1.9 million ATM and retail locations. For more information, visit www.firstdata.com.
About ADP
Automatic Data Processing, Inc. (NYSE: ADP), with over $8.0 billion in revenues and more than 600,000 clients worldwide, is one of the largest providers of a broad range of premier, mission-critical, cost-effective transaction processing and information-based business solutions. ADP® Employer Services (ES), a division of ADP, offers the widest range of HR, payroll, and benefit administration solutions from a single source, to meet the extensive business needs of employers worldwide. Built with more than 50-years of industry experience, ADP ES' cost-effective, easy-to-use solutions provide superior value to companies of all sizes. Approximately 540,000 companies rely on ADP ES for unparalleled service and compliance expertise, allowing them to focus on other core activities. For more information about ADP ES or to contact a local ADP sales office, reach us at 1.800.225.5237 or visit the company's Web site at www.ADP.com.