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Diners Club International® Signs Merchant Acquiring Contract With Elavon

September 28, 2009

Elavon to Offer Pricing, Processing, Settlement and Support to Merchants

RIVERWOODS, Ill.--(BUSINESS WIRE)--Sep. 28, 2009-- Diners Club International® Ltd., a business unit of Discover (NYSE: DFS), and Elavon, a wholly-owned subsidiary of U.S. Bancorp (NYSE: USB), today announced the signing of a merchant acquiring agreement. Under the terms of the agreement, Elavon will add Diners Club card acceptance to its portfolio of payment processing services. This relationship will create more acceptance opportunities for Diners Club and Discover cardmembers, who eventually will be able to use their cards at Elavon merchants in the U.K. and western Europe.

Elavon will provide consolidated pricing, underwriting, risk management, processing, settlement, support and reporting to its merchants, simplifying payments processing by second quarter 2010. Merchants such as restaurants, hotels, rail transport and specialty shops will receive an easy, cost-effective, all-in-one payment processing solution with the convenience of a single source for statements, settlement and customer service.

“Our agreement with Elavon not only consolidates services to our merchants, but also demonstrates Diners Club International’s commitment towards rapidly expanding acceptance in the United Kingdom and western Europe as we continue with our goal of expanding our global network”, said Gerry Wagner, VP of International Acceptance for Diners Club International. “As a leading global acquirer, Elavon helps us achieve that goal.”

Elavon is the sixth largest acquirer in Europe, helping to broaden Diners Club and Discover card acceptance among small- to mid-sized merchants, while increasing volume on Diners Club and Discover’s networks.

“Elavon excels at providing outstanding service to our merchants, and we welcome the opportunity to add value to our product offering,” said Stuart C. Harvey, Jr., CEO, Elavon. “The ability to offer Diners Club card processing streamlines the merchant experience by eliminating the complexities of dealing with multiple providers.”

About Diners Club International:

Diners Club International is owned by Discover Financial Services (NYSE: DFS), a leading credit card issuer and electronic payment services company. Established in 1950, Diners Club International became the first multi-purpose charge card in the world, launching a financial revolution in how consumers and companies pay for products and services. Today, Diners Club is a globally recognized brand serving the payment needs of select and affluent consumers as well as providing corporations and small business owners with a complete array of expense management solutions. With acceptance in more than 185 countries and territories, millions of merchant locations and access to over 650,000 cash access locations and ATMs, Diners Club is uniquely qualified to serve its cardmembers all over the world. For more information, visit www.dinersclub.com.

About Elavon:

Elavon's Global Acquiring Solutions organization is a part of U.S. Bancorp. Elavon provides end-to-end payment processing services to more than one million merchants in the United States, Europe, Canada and Puerto Rico. Solutions include credit and debit card processing, electronic check services, gift cards, dynamic currency conversion, multi-currency support, and cross-border acquiring. Elavon's services are marketed through multiple alliance partner channels including financial institutions, trade associations and ISOs. Elavon has solutions to meet the needs of merchants in specialized markets including small business, retail, hospitality/T&E, health care, education and the public sector. Visit Elavon online at www.elavon.com.

About Discover Financial Services:

Discover Financial Services (NYSE: DFS) is a leading credit card issuer and electronic payment services company with one of the most recognized brands in U.S. financial services. Since its inception in 1986, the company has become one of the largest card issuers in the United States. The company operates the Discover card, America's cash rewards pioneer, and offers student and personal loans, as well as savings products such as certificates of deposit and money market accounts. Its payments businesses consist of Discover Network, with millions of merchant and cash access locations; PULSE, one of the nation's leading ATM/debit networks; and Diners Club International, a global payments network with acceptance in 185 countries and territories. For more information, visit www.discoverfinancial.com.

Source: Discover Financial Services

Diners Club International
Discover Financial Services
Mai Lee Ua
(224) 405-3082
maileeua@discover.com