Concord
Completes EPS Purchase
Concord EFS, Inc.,
has completed the acquisition of Electronic Payment Services, Inc.
(EPS). In issue 98:06:01, The Green Sheet announced that the
companies planned to merge.
The acquisition
adds 2,500 merchant and financial institution customers to Concord's
business and is significant because each of the merging businesses
provides a different part of the processing equation; Concord
provides a back-end merchant service while EPS contributes a
front-end acquiring product.
EPS is the holding
company for BUYPASS Corporation and MONEY ACCESS SERVICE, INC., an
electronic funds transfer processor and ATM terminal driver. EPS also
operates the MAC® automated teller machine network. Concord
provides electronic transaction authorization, processing, and
settlement and funds transfer services. Concord's primary activity is
card services, but the company also provides electronic payment,
banking products, and payroll services.
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