The two companies have a definitive agreement in place. The deal includes the Instant Cash Network of ATMs, which First Data will continue to operate under the Instant Cash brand.
First Data (NYSE: FDC) of Greenwood Village and San Francisco-based Wells Fargo (NYSE: WFC) did not disclose financial terms of the deal.
Instant Cash Services was created in 1977 by Northwestern National Bank of Minneapolis (a predecessor of the former Norwest Corp., which later merged with Wells Fargo), to process payments for small banks and credit unions in the Upper Midwest. The company provides ATM and debit card processing services to customers in 20 states.
First Data processes payments. The company's product lines include credit cards, debit cards and electronic check acceptance.
