Concord EFS Inc. said it has been selected as a technical adviser to the Food Marketing Institute on electronic payment strategies.
Concord, a processing network that recently bought Electronic Payment Services Inc. from its superregional bank owners, will offer education and system innovations aimed at helping the supermarket industry to reduce its payment-acceptance costs.
"The rapid migration of paper-based payments to the electronic format makes this one of the most dynamic times in the history of the supermarket industry," said Concord president Ed Labry.
He said the Washington-based Food Marketing Institute can "help accelerate this movement for the benefit of all its members and the industry at large."
The institute's president and chief executive officer, Tim Hammonds, said the partnership "will assist FMI in positioning our electronic payment system objectives, exploring new business options and member services, and innovating new payment solutions."