Comdata has acquired Stored Value Systems, a former subsidiary of National City Corp. Comdata acquired a majority interest in SVS in March of 1999, with the option to purchase the remainder of the company at a later date. As a result of the latest deal, Comdata will form a new Retail Services division to be headed by Tom Recktenwald.
Prior to this appointment, Recktenwald was executive vice president of sales and marketing for SVS.
SVS provides a private-label, electronic retail cash card to retailers and oil companies, primarily for use as replacements for paper gift certificates and merchandise returns and as promotional tools. Some
customers incorporate a long-distance telephone component in their programs that gives end users the choice of using the electronic cash card for goods and services, or for telephone calls. SVS also is a
issuer of chip card-based, smart card programs in the U.S., which are typically used to administer electronic benefits programs.