Thursday, November 03, 2005

First Data, TeleCheck

Paper, plastic, wire, or Internet -- First Data has the means to move the money. The company (through a litany of subsidiaries) covers virtually all the bases when it comes to transaction processing and funds transfer. First Data is parent to money transfer powerhouse Western Union and is a top processor of credit card transactions for merchants and financial institutions. First Data also has units devoted to verifying paper checks (TeleCheck) and issuing credit cards. The US Department of Justice challenged First Data's 2004 purchase of rival Concord EFS over antitrust concerns, but later approved the deal when First Data agreed to divest ATM network NYCE in a sale to Metavante.

Gas in the minivan? Check. Directions to the mall? Check. Shopping list? Check. Checkbook? TeleCheck! TeleCheck International helps all those merchants process all those checks that all those consumers love to write, handling more than 3 billion paper and electronic transactions each year. It provides such services as check guarantee and verification for transactions that occur at the point of sale, over the Internet, and over the telephone, as well as recurring or timed transactions. Clients include retailers, grocers, and financial institutions. Parent First Data is one of the US's largest credit card transaction processors.
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