News

Flint subsidiary signs processing agreement with First Data's STAR Network

July 20, 2011

Flint Telecom Group Inc., an international telecom technology and financial processing organization, today announced that its wholly owned subsidiary, Power2Process, has signed a strategic processing agreement with First Data Corporation, a provider of electronic commerce and payment processing.

This agreement will give mutual clients of Power2Process and First Data's STAR Network access to STAR, including the STAR Reload product, which allows customers to recharge their prepaid debit cards.

STAR is one of the nation's leading electronic funds transfer (EFT) networks, with more than 2 million retail and ATM locations. In addition, Power2Process will offer First Data's ReadyLift rewards program.

"This is another significant step toward achieving our group target of processing over $2 million in daily transactions by the end of calendar 2011, from which Flint will receive approximately 1 percent in fees," said Vincent Browne, chairman and chief executive of Flint Telecom Group. "If these targets are achieved, this would equate to over $7 million in annual revenues to Flint at 90 percent gross margins, generating positive net income for the group as a whole."