First Data Makes Strides In ElectronicNetwork
DENVER - (06/14/06) First Data announced this weekthat its REMITCO payments unit signed with eGistics to provide itwith web-based capabilities for image retrieval and same daypayments for its fledgling electronic payments network, one ofseveral major products competing to be the national paymentsnetwork. REMITCO developed its client decision-making tool, calledPO$ITIVE PO$T, in conjunction with eGistics. The system providesfinancial institutions and third-party billers with image and dataarchive and payments delivery ability. REMITCO, which was foundedin New York in 1996 as an alternative to internal paymentprocessing for large billers, is also the nations largestretail lockbox provider, processing more than 60 million payments amonth from eight different locations around the U.S. The First Datasystem is one of five major networks vying to replace the FederalReserve as the dominant payments network in the U.S. The others areViewpointe Exchange, owned by five large banks and IBM; SVPCO,owned by 20 major banks; Metavante, owned by Marshall & IlsleyBank; and Fiserv Clearing Network. First Data is in the process ofspinning-off its Western Union unit, the worlds largestinternational remittance network.