Paypoint Regulatory News (PAY)

23 Nov 2005 07:03

PayPoint PLC23 November 2005 23 November 2005 PayPoint, Fexco and Western Union(R) in new Money Transfer collaboration PayPoint, the nationwide cash payment network, is to launch Western Union MoneyTransfer(R) in selected outlets under an exclusive agreement with FEXCO, WesternUnion's master Agent for the United Kingdom and Ireland. The service will startin Leeds and Southampton before rolling out across the UK. Western Union, a world leading Money Transfer service, is currently available atover 3,000 Agent locations in the UK. The PayPoint alliance will give customerssending money overseas an ever-widening choice of convenient retail locationswith extended opening hours. It is expected that there could be at least 1,000PayPoint outlets offering the service over the next few years enabling WesternUnion to meet the growing demand for its services. Western Union provides a valuable service, particularly to communities in whichthe principal wage earner may be sending money to family members abroad. It is awell known and trusted brand in this market worldwide. PayPoint's Western Union service will be faster for customers and reduce theworkload for the retailer. The new service will allow the Western Union MoneyTransfer transaction to be registered in a free telephone call, enablingcustomers to make their arrangements from the comfort of their homes and shortenthe time spent at the Agent locations. The retailer simply has to confirm thetransaction and collect the cash and applicable fees. As soon as the transactionis completed the money can be collected by the recipient abroad. Dominic Taylor, Chief Executive of PayPoint, said: "We are delighted thatWestern Union and FEXCO have chosen PayPoint to widen their network and toenhance product delivery for customers and retailers. This marks anotherimportant step in PayPoint's strategy of providing the broadest range ofservices under the PayPoint brand." Sobia Rahman, Chief Operating Officer of Fexco, said: "The introduction ofPayPoint to the UK Western Union network allows us to strengthen our positionfurther within the UK Money Transfer Market. Not only does it give the consumermore choice in the number of Agent locations but also adds another option as tohow to send a money transfer. This new alliance will enable Western Union tosupport the projected growth in its volumes over the next number of years" Ends Enquiries Finsbury Don Hunter 020 7251 3801 About PayPoint PayPoint is a leading branded payment collection network used, primarily, forthe cash payment of bills and services and prepayments for mobile telephones andenergy meters. There are over 14,000 retail outlets using PayPoint's paymentcollection systems. PayPoint began trading in 1996 and initially collected payments through itsnetwork of retail agents for its founder client investors, including BritishGas, BT, BBC TV Licensing and London Electricity PayPoint now has more than 500 clients including the UK and Ireland's majorenergy, cable, mobile and fixed line telephony companies. The blue chip clientlist also extends to numerous water companies, local authorities and housingassociations and a growing transport and travel base. About Western Union and FEXCO First Data Corp. (NYSE: FDC) is a leading provider of electronic commerce andpayment solutions for businesses and consumers worldwide. Serving 4.1 millionmerchant locations, 1,400 card issuers and millions of consumers, First Datapowers the global economy by making it easy, fast and secure for people andbusinesses around the world to buy goods and services using virtually any formof payment. The company's portfolio of services and solutions includes credit,debit, private-label, smart and stored-value card issuing and merchanttransaction processing services; money transfer services; money orders; fraudprotection and authentication solutions; check guarantee and verificationservices through TeleCheck; as well as Internet commerce and mobile solutions.The company's STAR Network offers PIN-secured debit acceptance at 1.6 millionATM and retail locations. For more information, visit www.firstdata.com.First Data's Western Union Financial Services, Inc., an international leader inconsumer money transfer services, allows consumers to quickly and reliably paybills and transfer money around the globe using its proprietary money transfernetwork. Western Union and its subsidiary, Orlandi Valuta, together make up oneof the world's largest money transfer networks with approximately 225,000 Agentlocations in more than 200 countries and territories. For more information onWestern Union, visit www.westernunion.com About FEXCO FEXCO is a global payments company headquartered in Ireland with operations inIreland, UK, Spain, Scandinavia, Malta, Australia and the USA. The company wasestablished in 1981, and offers a range of Global Consumer Payments, GlobalCorporate Payments and Business Services. The company is privately owned withUSA-based First Data Corporation, the world's leading payment processor, holdinga minority shareholding in the business. FEXCO are Agents for Western Union Money Transfer in seven countries. For moreinformation on FEXCO please visit www.FEXCO.com. This information is provided by RNS The company news service from the London Stock Exchange