Four well-known financial-service providers have merged to form Global Cash Access, a new venture that offers a host of comprehensive products and services derived from the most efficient technologies from each contributing partner.
The newly formed company is based in Sunnyvale, Calif., and is comprised of Bank of America, BA Merchant Services, First Data Financial Services and USA Processing. The company has offices in Las Vegas, Atlantic City, Denver, San Francisco and Nashville.
While this new company showed off its new look and product offerings at the recent World Gaming Congress in Las Vegas, the venture didn’t just happen overnight. In fact, the consolidation process began in January when First Data Corp.’s financial arm acquired Comdata Gaming Services, which had been a long-time provider of financial services for the gaming market. After acquiring Comdata Gaming Services, FDFS announced a joint venture in July, which unified the company with BA Merchant Services Inc. and USA Processing Inc.
BA Merchant Services is the nation’s fourth-largest processor of credit card transactions and the leading processor of debit transactions. USA Processing is a non-bank institution that provides electronic payment systems. Bank of America is the largest banking institution in the Western United States.
This final creation of Global Cash Access integrates all of the active partners and stands to provide casino operators with better technology and more efficiency than ever.
This new company now provides a full range of electronic funds transfer and other services to more than 1,200 gaming properties nationwide. First Data Financial Services will own 58 percent of the new venture, while the other three partners will share a combined 42 percent of the company.
“The commitment to innovation and quality is part of the history of each company involved in this venture,” says Karim Maskatiya, chief executive officer of Global Cash Access. “As a combination of these four ventures, Global Cash Access is able to offer customers comprehensive cash access and financial management services utilizing the most current technologies and superior customer service.”
Ultimate Solutions
Essentially, each of the four partners bring their own expertise, products and services to the table, which has allowed Global Cash Access executives to mix, match and merge the different technologies to create ultimate solutions.
In addition to its numerous cash-access services, the new company is the exclusive service provider of TeleCheck check guarantee and authorization and Western Union wire transfer services.
Effectively, Global Cash Access now offers the best that all its partners have to offer, making technology easier and more user-friendly for the gaming operator.
According to Kirk Sanford, executive vice president of sales, marketing and product development for Global Cash Access, one of the most innovative advancements is the move to a client-server network.
Prior to the merger, First Data used POS (point-of-sale) devices that were based on mainframe computer technology. Sanford says that while Comdata and FDFS were prominent in the industry, its POS technology had certain limitations.
“BofA was able to bring the latest and greatest technology to the table, which meant First Data’s POS technology could migrate onto a client-server platform,” Sanford says. “That client-server network allows flexibility for the casino customer, which includes, but isn’t limited to, the all-in-one ATM, the POS device with touch-screen access and the Internet reporting option.”
A big benefit of the client-server architecture, according to Sanford, is the automation, which not only speeds transaction processes but allows operators to trim their staff requirements because processes are now easier to perform.
“With this architecture, you’re able to offer efficiency,” Sanford says. “In your back office, everything is fully automated. When it becomes automated, you have a reduction in bodies necessary, which means you’re then able to pass that value along to your customers.”
Global Cash Access’ Casino Cash Plus single source ATM product utilizes this client-server platform, which allows casino operators to offer ATM, POS debit and credit-card cash advances from the same footprint. The company can also outfit its Casino Cash Plus ATMs with a video monitor “top hat,” which can be used to run any type of promotional footage a casino desires.
The client-server network has also been put to use in the company’s QuikCash cash-access product, which provides credit card and POS advances within 15 seconds of a customer’s request. Sanford also says the QuikCash product is the industry’s first POS cash-access product to be “Smart” card ready.
“There’s no one else that can offer this type of power,” Sanford explains. “As a property, I would think that operators are going to be excited that nothing has changed except that everything is getting better in terms of technology and support. They’re also going to be dealing with the same people that they have been dealing with over the years, which I’m sure will be assuring to many.”
“The commitment to innovation and quality is part of the history of each company involved in this venture. As a combination of four ventures, Global Cash Access is able to offer customers comprehensive cash access and financial management services utilizing the most current technologies and superior customer service”