First Data invests in European payment processor

First Data Corporation (www.firstdatacorp.com) has announced that it will acquire a 25% interest in Irish financial services firm FEXCO (www.fexco.com). Terms of the transaction, which is subject to regulatory approval, were not disclosed. The transaction allows First Data, a leading e-commerce and payment services company, to continue its global expansion. International business accounts for approximately 20% of the company's revenues. FEXCO's suite of payment services include multi-currency and international payment processing, value-added tax reclaim processing, credit card processing and teleservices management.

FEXCO will provide a range of processing services to First Data through FEXCO's existing mufti-currency platform and its new e-commerce payments platform, which will be rolled out in Spring 2001. The relationship will allow FEXCO and First Data to expand their businesses through their existing global distribution systems and client relationships.

"This investment is yet another step in our journey to build a truly international franchise for First Data," said Charlie Fote, First Data president and chief operating officer. "FEXCO's strong experience in providing multi-currency payment services will complement First Data's delivery of payment processing services not only in Europe, but in the US and beyond."