PONTE VEDRA, Fla. - Global Axcess Corp., an independent electronic financial transaction-processing company, and Nationwide Money Services Inc., its wholly owned subsidiary, have signed a distributor ATM processing agreement with Genpass Technologies LLC. Genpass is a subsidiary of U.S. Bank, which holds more than $200 billion in assets.
According to a news release, Nationwide has agreed to use Genpass as its exclusive provider for certain electronic funds transfer services, including a seven-year term for ATM-transaction processing.
"Our agreement with Genpass was made possible due to our growth in the volume of ATM transactions that we experienced over the last year," said Michael Dodak, GAXC's chairman and chief executive. "This will enable us to materially decrease our processing cost structure going forward, and we will realize an immediate financial benefit in the current quarter.
