Wells Fargo agrees to sell instant cash unit to First Data

Under the terms of the deal, First Data will continue to operate the Instant Cash Network under the Instant Cash brand.

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 US states.

Instant Cash Services has provided a valuable service to our financial institution customers for almost 30 years, said Ed Kadletz, head of Wells Fargo’s debit card business. After analyzing our customer needs and industry trends, we believe the best strategy is to sell the business to a company like First Data that can deliver a wider array of payment processing services to meet the growing needs of our customers.

Wells Fargo will continue to participate in the Instant Cash Network and has agreed to recommend First Data’s processing services to its Global Correspondent Banking Group customers.

Financial terms of the transaction remain undisclosed.

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