Money Network, a First Data Corp. company (NYSE: FDC), and ADP Employer Services, a division of Automatic Data Processing, Inc. (NYSE: ADP), a leader in HR, payroll and benefit administration solutions, have announced a strategic agreement to provide co-branded paycards.
This offering, TotalPay Card, combines the resources and expertise of two industry leaders and will provide businesses of all sizes with a robust paycard solution.
Through the agreement, Money Network, a leading provider of paycard solutions to employers looking for a safe, convenient and cost-effective alternative to paper checks, will be responsible for back office operations and program implementation for employers seeking a paycard solution.
"We're delighted with the opportunity to present a combined solution that utilizes the industry-leading technology of Money Network and the domain expertise of ADP to the payroll marketplace," said First Data Money Network President Mark Herrington. "This agreement provides businesses of any size with a combination of resources designed to deliver a complete paycard solution."
The offering is FDIC-insured and leverages the existing Money Network TRANSCHECK product, a self-issued check system that enables Money Network's Paycard clients to provide their employees immediate and free access to their payroll funds.
"ADP has long recognized that card processing innovation is vital to the evolution of the paycard business," said Laurie Eldridge, Senior Division Vice President and General Manager, ADP Tax and Financial Services. "Working with First Data's Money Network will further broaden the TotalPay Card , and expand our reach in the market."
This latest agreement further demonstrates the strategic relationship between First Data and ADP and follows a June 19, 2006, marketing agreement announcement which includes the ability for First Data to market ADP Small Business Services' EasyPay payroll solution to companies with less than 50 employees.