News

ATM owner First Data reports smaller second-quarter loss

August 9, 2010

First Data Corp, owner of CashAxcess, a South African ATM network, today reported a smaller second-quarter net loss on higher revenues.

The Atlanta-based transaction processor, which operates in 36 countries, recorded a second-quarter net loss of $171 million compared with a net loss of $196 million for the same three-month period last year.

The company reported consolidated revenues of $2.6 billion, up 18 percent, compared with $2.2 billion in revenues in the second quarter of 2009. The formation of Banc of America Merchant Services LLC was the primary driver behind First Data’s higher consolidated revenues. First Data and Charlotte, N.C.-based Bank of America N.A. formed a joint venture last year to process debit and credit card transactions.

First Data purchased Cape Town, South Africa-based CashAxcess in 2009 from Mvelaserve Limited for an undisclosed price. CashAxcess, which has operated in South Africa since 2005, provides end-to-end outsourced ATM services to leading banks in the region, including Mercantile, Capitec, and ABSA.

In addition to South Africa, First Data operates ATM networks in Australia, Austria, the Baltic States, Germany, India, Slovak Republic and the United Kingdom.

 The company also provides ATM outsourcing and deployment solutions for banks and retailers in more than 17 counties around worldwide.