GE Corporate Payment Services Launches New Innovative Payroll Solution

Business Wire, June 17, 2004

SALT LAKE CITY -- Debit-Based MasterCard(R) Offers More Cost-Effective Option for Companies and an Increasingly Diverse Workforce

GE Corporate Payment Services announced today it is launching the Payroll Card, a cost-saving and convenient alternative to payroll checks. The debit-based MasterCard(R) product provides companies with a simple solution to pay employees, contractors and temporary workers.

The payroll card is the latest in Corporate Payment Services' suite of "stored value" products, which are pre-funded for a variety of purposes, including corporate incentives, gifts, relocation expenses and project budgets.

"The Payroll Card combines convenience and cost-efficiency for employers with the worldwide acceptance of a MasterCard-branded debit card that's appealing to employees who don't have checking accounts or who would prefer to avoid an extra trip to cash a paper check," said Jeffery R. Dye, president and CEO of GE Corporate Payment Services.

Using the Payroll Card is easy. Instead of issuing a paper check, companies can deposit an employee's pay into a personal card account, using Automated Clearing House (ACH) direct deposit. Employees still receive a pay statement from the company for their records. Once the pay amount is deposited, employees have immediate access to cash via ATMs or bank teller windows, or they can use the card to pay for purchases at grocery stores, gas stations, restaurants, hardware stores and other retailers.

"With the card accepted at millions of locations worldwide, take-home pay turns into take-anywhere pay," Dye said.

Each payday, the card can be reloaded with the employee's net pay. As an added convenience, the employee also can use the card for Personal Identification Number (PIN) or signature-based transactions.

The payroll card is supported by phone- and Web-based customer service, making it easier to track available funds and manage budgets. Employers can't view employee transaction activity, ensuring account privacy.

Dye explained that processing payroll via the Payroll Card can result in significant savings for employers. Companies also save money on check printing and mailing costs, as well as expenses associated with replacing lost or stolen checks.

"Payroll cards are a particularly attractive solution for companies with a diverse or mobile workforce," Dye said. "They can benefit 'unbanked' employees, as well as 'road warriors.'"

"With so many U.S. employees working overseas or traveling for extended periods of time, it can be difficult to access a bank account away from home, " Dye said. "With the Payroll Card, their pay is as close as their MasterCard."

Payroll cards are also well suited for businesses in industries that employ a large number of temporary or contract workers. An "instant issue" version of the payroll card, designed for short-term employment, is also available.

About GE Corporate Payment Services

GE Corporate Payment Services, the commercial card unit of GE Consumer Finance, develops and markets corporate bank cards and e-settlement tools designed for small-, medium- and large-sized companies and organizations. Cards are issued by GE Capital Financial Inc. For more information, visit www.gebusinessmarketplace.com.

GE Consumer Finance, a unit of General Electric Company, with more than $107 billion in assets, is a leading provider of credit services to consumers, retailers and auto dealers in 38 countries around the world. GE Consumer Finance, based in Stamford, Conn. (USA), offers a range of financial products, including private label credit cards, personal loans, bank cards, auto loans and leases, mortgages, corporate travel and purchasing cards, debt consolidation and home equity loans and credit insurance. More information can be found online at www.geconsumerfinance.com. GE (NYSE: GE) is a diversified services, media and technology company with operations worldwide. More information about GE can be found online at www.ge.com.