First Data completes Instant Cash Services acquisition
First Data Corp. (NYSE: FDC) announced that it has completed its acquisition of the Instant Cash Services (Instant Cash) business, which includes the Instant Cash Network, from Wells Fargo Bank, N.A., a subsidiary of Wells Fargo & Company (NYSE: WFC).
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Instant Cash Services provides debit card and ATM payment processing services for more than 500 community banks, credit unions, thrifts and non-financial institutions in 20 states. First Data will continue to operate the Instant Cash Network under the Instant Cash brand. Wells Fargo will continue to participate in the Instant Cash Network, the Instant Cash Network participants will continue to enjoy deposit-sharing and surcharge-free access to ATMs at Wells Fargo branch locations, and Wells Fargo has agreed to recommend First Data's processing services to its Global Correspondent Banking Group customers.
Financial terms were not disclosed.