News

Genpass partners with Western Union to offer money transfer at ATMs

December 9, 2001

DENVER and FORT WASHINGTON, Pa. -- Western Union Financial Services, Inc., a subsidiary of First Data Corp. (NYSE: FDC - news), and Genpass Inc., owner and operator of the MoneyMaker and MONEYBELT EFT networks, have reached an agreement that will enable ATMs owned and/or driven by Genpass to offer the Western Union Money Transfer service.

According to a news release, Genpass plans to rollout money transfer capability on its own ATMs early next year.

Western Union's ATM Money Transfer service (formerly known as Z-Cash) allows consumers to electronically send money at any participating ATM by swiping an ATM card and then selecting the money transfer option. The user is prompted to select a PIN and the desired dollar amount of the transfer. The ATM then provides the sender a receipt and confirmation number.

To complete the money transfer, the sender relays the confirmation number and PIN to the intended recipient who can retrieve the funds from any participating ATM, or at any Western Union agent location. No bankcard is necessary to receive the funds at the ATM.

Unlike other ATM-based, money transfer systems that only allow for money transfers between ATMs, the Western Union ATM Money Transfer service offers interoperability with Western Union's Agent network of nearly 40,000 agent locations across the U.S.

"Interest in ATM money transfer as a value-added service is growing within the financial services industry, particularly in light of the tremendous growth we're seeing in worldwide money transfer transactions,' said Mike Yerington, president for Western Union North America. "The addition of Genpass' EFT networks and ATMs to our integrated ATM and Agent money transfer network will increase consumer accessibility to Western Union's fast, secure and reliable money transfer services.'

"Genpass is committed to offering new services that benefit our EFT network and ATM customers. Providing around the clock access to money transfers expands the functions consumers can transact at an ATM,' said Bipin C. Shah, president and CEO of Genpass. ``It is also a terrific opportunity for our ATM partners to attract more transactions per ATM. And, given Western Union's brand strength and market penetration, choosing them as a provider was simple.'