Company First: TSYS to Process Flexible-spending Mass Transit Card for M&T Bank
TSYS Provides M&T with eTRAC MasterCard®
Columbus, Ga., Nov. 8, 2001 - TSYS® has teamed with M&T Bank to facilitate the production of the eTRAC MasterCard, a reloadable, stored-value card, used to access Qualified Transportation Expense (QTE) dollars for mass transit services in the U.S. TSYS, with its stored-value platform, will provide all processing services related to the eTRAC MasterCard. This is the first flexible spending, stored-value product processed by TSYS.
Today, most employees who participate in QTE mass transit, pre-tax programs are required to pay for subway, bus or other commuting expenses up-front and provide paper receipts for reimbursement. With the eTRAC program, employees can pre-register to receive an eTRAC MasterCard that is automatically loaded with pre-authorized, pre-tax deductions each pay period. The card provides immediate access to the funds and can only be used to purchase transportation related services.
Benefit Resource, Inc. (BRI), an M&T Bank client and a benefits service provider, will offer eTRAC to its corporate clients as a benefit to their employees. Initially, eTRAC will be launched in Boston, Philadelphia, Chicago, Washington, D.C. and New York.
According to the Metropolitan Transportation Authority (MTA) of New York City, its subways, buses and railroads move 2.3 billion New Yorkers a year - an average of 7.8 million weekday passengers. Today, more than 45 percent of people using the MTA use a debit or credit card to purchase mass transit tickets (ATM and Debit News). The card program takes advantage of the terminal infrastructure already in place, or in some cases, currently being built for many large, metropolitan transit ticketing systems.
By dissolving the back-end paper trail associated with daily commuting expenses, the eTRAC MasterCard eradicates the hassle to the cardholder while saving the user 30 to 45 percent on mass transit costs. Participating companies will trim administrative expenses and provide a valuable benefit to employees.
About TSYS
TSYS brings integrity and innovation to the world of electronic payments. TSYS serves as the integral link between buyers and sellers in the rapidly evolving universe of electronic payments. With more than 200 million accounts on file, TSYS makes it possible for millions of consumers to use their credit, debit, stored value, commercial, chip and retail cards anytime, anywhere through any medium or portal. TSYS offers a full range of acquiring and issuing services from accepting electronic payments for goods and services, to credit applications, collections and bankruptcy. Based in Columbus, Ga., TSYS (NYSE: "TSS") (www.tsys.com) processes for 23 countries in 14 currencies and four languages and maintains operations in Canada, Mexico, Japan and the United Kingdom. TSYS is an 80.8 percent-owned subsidiary of Synovus Financial Corp. (NYSE: "SNV") (www.synovus.com), No. 8 on FORTUNE magazine's list of "The 100 Best Companies To Work For" in 2001. For more information, contact news@tsys.com.
About M&T Bank
M&T Bank is the principal bank subsidiary of Buffalo-based M&T Bank Corporation (NYSE: MTB), which has consolidated assets of $31 billion as of September 30, 2001. M&T Bank has more than 470 branch offices across New York, Pennsylvania, Maryland and West Virginia and mortgage operations in more than eleven states.
About Benefit Resource, Inc.
Benefit Resource, Inc. is a third-party administrator of benefit plans headquartered in Rochester, N.Y., offering pre-tax programs to more than one-half million employees nationwide.
About MasterCard International
MasterCard International has the most comprehensive portfolio of payment brands in the world. More than 1.7 billion MasterCard®, Cirrus® and Maestro® logos are present on credit, charge and debit cards in circulation today. An association comprised of more than 20,000 member financial institutions, MasterCard serves consumers and businesses, both large and small, in 210 countries and territories. MasterCard is the leader in quality and innovation, offering a wide range of payment solutions in the virtual and traditional worlds. MasterCard's award-winning Priceless® advertising campaign is now seen in 81countries and in more than 36 languages, giving the MasterCard brand reach and scope unrivaled by any competitor in the industry. With more than 21 million acceptance locations, no card is accepted in more places and by more merchants than the MasterCard Card. In 2000, gross dollar volume exceeded US$857 billion. MasterCard can be reached through its World Wide Web site at http://www.mastercard.com.
Contacts:
Rebecca Stringer
TSYS Communications
706.649.7193
rstringe@tsys.com
Tara A. Ellis
Corporate Communications, M&T
716.842.5385
tellis@mandtbank.com