First Data Still Golden With CUGiant
DENVER - (06/22/06) First Data announced Wednesdayit has renewed its multi-year agreement with $6 billion Golden 1 CUto provide STAR Network access and PIN-debit processing for itsmore than 280,000 U.S. Cardholders. Golden 1 was one of theoriginal founders of STAR, now a wholly owned subsidiary of FirstData. The two parties also signed a deal for Golden 1 to conductits check and money order processing through Integrated PaymentsSystems, another wholly owned First Data unit. The Golden 1invested $150,000 to help start up STAR Network in 1994 along with19 other investors and earned $30 million on its STAR stake whenthe electronic funds network was sold to Concord EFS in 2001dsubsequently sold STAR to First Data in 2005.