GREENWOOD VILLAGE, Colo.-
Electronic payment processor First Data Corp. said Friday it has signed a definitive agreement to acquire Instant Cash Services, a debit and ATM payment processing business, from a subsidiary of Wells Fargo & Co.
Ed Kadletz, who heads the debit card business for Wells Fargo Bank, said First Data can provide more services for the customers and added that the acquisition will not affect Wells Fargo’s ATM banking network.
Financial terms of the acquisition were not disclosed.
“This acquisition supports our strategy of securing transaction processing volume and integrating high-quality, valued added products and services,” Todd Strubbe, president of First Data Debt Services, said in a statement.
Instant Cash Services is under Wells Fargo Card Services, a division of Wells Fargo Bank. Its customers include banks, credit unions, thrifts and nonfinancial institutions in 20 states.
Based in this north Denver suburb, First Data last year spun off The Western Union Co. to concentrate on services for businesses such as merchant transaction processing and PIN-secured debit services at ATM and retail locations.
First Data shares were up 13 cents to $24.70 a share in morning trading in the New York Stock Exchange.
———
On the Net:
