Equifax Launches First International Total Card Processing Solution In India

ATLANTA, December 3, 1997 -- Equifax announced today that it has increased its investment in its Indian joint venture, Equifax Venture Infotek (EVI), and that its partner, Transaction Technologies Limited (TTL), has contributed its point-of-sale (POS) merchant bank processing business to the joint venture, creating India's only third party card services provider and the country's first total card processing solution for Indian banks. EVI provides POS merchant services to Bank of Baroda, Bank of America, and Canara Bank whose merchants collectively account for 30 percent of India's Visa and MasterCard merchant base and volume. Terms were not announced.

Lee A. Kennedy, Equifax executive vice president and group executive said, "Combining Equifax's card processing, software and financial services experience with TTL's Indian bank relationships and POS merchant installation and processing experience ideally positions EVI as India's only third party card services provider of front- and back-end services. This expanded joint venture clearly demonstrates Equifax's continuing strategic commitment to provide global card processing solutions. "

Dhruv Khaitan, chairman of India's Venture Infotek Group, and of Equifax Venture Infotek Limited, said, "The addition of TTL's merchant authorization and settlement business to EVI's back-end processing business will provide bank customers an economical and convenient end-to-end solution. The unique offering will help customers build volumes and profits in India's rapidly growing card industry."

India is the world's fifth largest economy and the second most populated country with more than 900 million people. The credit card base is growing at 45 percent annually, there is a strong history of private enterprise and both the Indian and multinational banks are actively growing their portfolios.

Equifax is a leading provider of information, processing, consulting and software solutions that facilitate and enhance buyer-seller transactions worldwide. The company serves businesses in the banking, finance, retail, credit card, telecommunications & utilities and health care administration industries. Equifax is changing the shape of global commerce through growth and innovation, driven by technology and people. It operates globally in 17 countries, with sales in 40 countries. Founded in 1899 in Atlanta, Equifax (NYSE: EFX) today has 10,000 employees around the world. Revenues for the 12 months ended September 30, 1997, exceeded $1.3 billion. Visit the company's Internet web site at http://www.equifax.com.