News

Nationwide Money adds Branded Vault Cash program

August 19, 2003

PONTE VEDRA, Fla. -- Global Axcess Corp. (OTC Bulletin Board: GLXS) has introduced a Branded Vault Cash program that it is marketing to financial institutions seeking to expand their market presence and enhance ATM availability to their cardholders.

Consolidated Bank & Trust, headquartered in Richmond, Va., has executed a three-year Branded Vault Cash agreement with Global Axcess subsidiary Nationwide Money Services (NMS). Under the agreement, NMS will manage up to $2 million of Consolidated Bank & Trust vault cash in NMS-managed ATMs.

Consolidated Bank & Trust will receive branding rights and surcharge-free transactions for its cardholders on a selected number of NMS-managed ATMs in Food Lion grocery stores.

Bob Colabrese, executive vice president of Global Axcess, said that the new program adds a new element to Nationwide Money's Branded Cash program, in which financial institutions agree to cover the costs of servicing and replenishing ATMs for the right to brand them and offer their customers surcharge-free transactions. The Branded Cash program currently has 31 participants.

"Because the costs associated with renting cash to supply our ATMs can be one of our steepest operating expenses, the success of this program is sure to drive enhanced profit margins and help to accelerate the growth of our business," Colabrese said.