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April 7, 2005

MoneyGram to acquire payment services from ACH Commerce

St. Louis Park, Minnesota-based MoneyGram has agreed to acquire ACH Commerce, a provider of electronic payment processing systems, in the hope of expanding its line of payment services.

By CBR Staff Writer

ACH Commerce offers automated clearing house (ACH) services to financial institutions, such as phone and web-based funds transactions, check conversion with remittance processing, direct deposit and authentication and verification programs.

Phil Milne, president of MoneyGram, said the purchase will provide a systems platform to build the company’s bill payment business into a multi-faceted, full-cycle service.

As part of the deal, ACH Commerce will remain in Tennessee. Its president, Deborah Hickok, and its employees will be integrated into MoneyGram’s Global Funds Transfer Group.

MoneyGram intends to focus initially on one-time ACH, recurring ACH and credit and debit card transactions via the phone with expectations to add more payment channels in coming months.

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