Denver, CO–(HISPANIC PR WIRE – BUSINESS WIRE)–October 12, 2005–First Data Corporation (NYSE:FDC), a global leader in electronic commerce and payment services, announced today that it is joining a pioneering initiative, the 4×1 Program, to help fund development projects in Mexican communities that experience high levels of migration and poverty. As the first private-sector company to participate, First Data will contribute $1.25 million to the program, joining “hometown associations” of Mexican migrants living in the U.S., as well as local, state and federal jurisdictions of the Mexican government, to improve economic opportunity and the quality of life in communities throughout Mexico.
With First Data’s participation, the new 4×1 Program builds on the success of Mexico’s current 3×1 program, in which each government jurisdiction (local, state and federal) matches remittances made by U.S.-based Mexican hometown associations (HTAs) to communities in Mexico. The 4×1 Program’s efforts will initially focus on the Mexican state of Zacatecas, where the 3×1 program originated. Other states will join the 4×1 Program at a future date.
“First Data Corporation is proud to join this successful and innovative initiative to help strengthen communities and create valuable job opportunities for people living in disadvantaged and underserved areas in Mexico. Promoting this kind of economic development is clearly in our national interest,” said First Data Corporation CEO Charles Fote. “Not only have we seen how beneficial this program has been, but how much more potential it has to provide a brighter future for citizens of these communities. Working with Governor Amalia Garcia of Zacatecas and Mexican hometown associations in California, Illinois and Texas, we are pleased to play a role in this important initiative and hope other private-sector companies will do the same.”
With First Data’s contribution, the 4×1 Program has the potential to leverage $5 million in funding for development projects in Mexico. The types of job-creating projects that will qualify for funding include educational facilities, health care centers, agricultural infrastructure, natural resources conservation efforts, and community-based economic development projects such as structural improvements or technical upgrades to existing small businesses. Through an open application process, First Data will review proposals from hometown associations for development projects in Mexico and match remittances made by the associations for selected projects.
The 4×1 Program evolved from remittances made by HTAs of Mexicans living in the U.S. to their families and communities in Mexico. Today there are roughly 500 HTAs located in 31 states in the U.S., most organized as non-profit 501(c)3 organizations under IRS tax code.
About First Data
First Data Corp. (NYSE:FDC) is a leading provider of electronic commerce and payment solutions for businesses and consumers worldwide. Serving 4.1 million merchant locations, 1,700 card issuers and millions of consumers, First Data powers the global economy by making it easy, fast and secure for people and businesses around the world to buy goods and services using virtually any form of payment. The company’s portfolio of services and solutions includes credit, debit, private-label, smart and stored-value card issuing and merchant transaction processing services; money transfer services; money orders; fraud protection and authentication solutions; check guarantee and verification services through TeleCheck; as well as Internet commerce and mobile solutions. Western Union and its subsidiary, Orlandi Valuta, together make up one of the world’s largest money transfer networks with approximately 238,000 Agent locations in more than 200 countries and territories. The company’s STAR Network offers PIN-secured debit acceptance at 1.7 million ATM and retail locations.
For more information, visit http://www.firstdata.com.
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