Federal regulators on Thursday said Global Payment Systems LLC, a data processor in Atlanta, is not adequately prepared for the 2000 date change.

The five federal banking, thrift, and credit union agencies specifically singled out the credit-card processing services of Global's Westlake, Ohio, division, which "has not met the milestone dates and other provisions set forth in the year-2000 readiness guidelines ... for the review, renovation, testing, remediation, management, and contingency planning of mission-critical systems."

If Global has not fixed its systems by Tuesday, the agencies said, it must release its financial institution customers from their contracts free of charge.

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