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First Data to buy Instant Cash from Wells Fargo
March 15, 2007
DENVER - Wells Fargo Bank N.A., a subsidiary of Wells Fargo & Company, and First Data Corp. have announced plans for First Data to acquire Wells' Instant Cash Services business, which includes the Instant Cash Network.
According to a news release, First Data expects to continue operating the Instant Cash Network under the Instant Cash brand. Instant Cash provides debit-card and ATM-payment processing services for more than 500 community banks, credit unions, thrifts and non-financial institutions in 20 states.
"After analyzing our customer needs and industry trends, we believe the best strategy is to sell the business to a company like First Data that can deliver a wider array of payment-processing services to meet the growing needs of our customers," said Ed Kadletz, head of Wells' debit-card business.
The companies said the transaction will not affect Wells' ATM network of 6,700 machines or its ranking as the United States' second-largest debit-card issuer.
Financial terms surrounding the deal were not disclosed.
"Instant Cash Services is a natural fit with First Data," said Todd Strubbe, president of First Data Debit Services. "We serve thousands of similar financial institutions nationwide, and this acquisition supports our strategy of securing transaction-processing volume and integrating high-quality, value-added products and services. The Instant Cash Network participants will continue to receive the high-touch service and convenience they enjoy today, along with continued deposit-sharing and surcharge-free access to ATMs at Wells Fargo branch locations."
Wells will continue to participate in the Instant Cash Network and has agreed to recommend First Data's processing services to its Global Correspondent Banking Group customers.
Banking Executive SummaryTrends / StatisticsTransaction ProcessingEFT NetworksDebit / CreditOtherNorth AmericaPublic CompaniesBank / Credit Union
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