First Data extends range of financial services products for the unbanked and underbanked
ATLANTA and VANCOUVER, Feb. 24 /CNW/ - First Data Corporation, a global leader in electronic commerce and payment processing, today announced an agreement to integrate bill payment processing services from TIO Networks Corp. (TSX-V: TNC), a leading North American multi-channel bill payment processor, with First Data's Money Network electronic payroll distribution service.
First Data's Money Network electronic payroll distribution service enables employers to reduce payroll costs while providing a secure, flexible spending card solution to their underbanked employees, which cardholders can use to make purchases at millions of debit acceptance locations.
According to a December 2009 survey by the Federal Deposit Insurance Corp., 9 million households are unbanked and another 17.9 million households are underbanked.
Checks, cash and money orders are the primary bill payment methods used by unbanked and underbanked consumers, according to Aite Group, which estimates that 32 percent of unbanked and underbanked bill payments are made by check, 30 percent by cash and 21 percent by money orders.
Now, as a result of the relationship with TIO, Money Network cardholders will be able to pay bills online, by phone, and in some cases at self-service kiosks, thereby reducing the time and cost of paying bills. TIO's bill payment processing solution is designed to provide cardholders a secure and convenient bill payment experience.
About First Data
First Data powers the global economy by making it easy, fast and secure for people and businesses to buy goods and services using virtually any form of electronic payment. Whether the choice of payment is a gift card, a credit or debit card or a check, First Data securely processes the transaction and harnesses the power of the data to deliver intelligence and insight for millions of merchant locations and thousands of card issuers in 36 countries. For more information, visit www.firstdata.com.
About TIO Networks Corp.
TIO is the leading multi-channel expedited bill payment processor serving the largest Telecom, Wireless, Cable and Utility bill issuers in North America. With over 20,000 endpoints to its processing network, TIO symbolizes fast, convenient and secure access to expedited payments. For more information, visit www.tionetworks.com
The TSX Venture Exchange has not reviewed this news release and does not accept responsibility for its adequacy and accuracy.
SOURCE TIO Networks Corp.
For further information: For further information: Glen Turpin, First Data, Tel: (303) 967-6552, E-mail: firstname.lastname@example.org; Behshad Hastibakhsh, Media Relations - TIO Networks, Tel: (604) 298-4636, Ext. 250, Toll Free: (888) 679-3322, Email: pr@TIOnetworks.com; John Lewis, Business Development - TIO Networks, Tel: (416) 364-2266, Toll Free: (877) 954-6327, Email: jrlewis@TIOnetworks.com