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Elavon Leaps to Top of Charts for Back Office Conversion

Processes More Than 4.6 Million BOC Transactions in August

ATLANTA--(BUSINESS WIRE)--Sept. 17, 2008--Elavon, a wholly-owned subsidiary of U.S. Bancorp (NYSE: USB) and formerly known as NOVA Information Systems, sits atop the charts for Back Office Conversion (BOC) processing, surpassing more than 4.6 million transactions in August alone, accounting for over $400 million in converted check volumes. The announcement comes on the heels of ongoing BOC implementations of Elavon's Electronic Check Service (ECS) solution, currently installed at more than 1,800 retail locations nationwide.

BOC solutions help eliminate the significant costs and operational hurdles that point-of-purchase (POP) conversion presented to retailers. "BOC processing enables merchants to realize the operational efficiencies and financial benefits of electronic check conversions," said Amy Gutierrez, Vice President Strategic Market Development at Elavon and a member of NACHA's electronic check council.

"From national multi-lane retail stores to local storefronts and regional chains, BOC is having a very positive impact on the way businesses process checks," said Stuart Harvey, CEO of Elavon. "Elavon's ability to enhance BOC with our robust solutions that process all checks and provide next-day funding delivers a true value proposition to retailers."

L'Occitane, an all natural, luxury bath and body retailer, has implemented Elavon's ECS solution at its 166 U.S. locations. "We explored all of our options when it came to making the move to electronic checks," said Wilfrid Poisnel, Chief Financial Officer at L'Occitane. "We found Elavon's solution to address all of our needs and couldn't turn our backs on the time and money that their electronic check solution offered."

More than 40,000 Merchant Locations Nationwide

Elavon works with retailers to tailor processing, conversion and imaging options that increase operational and financial efficiencies. More than 40,000 U.S. merchants of all sizes have implemented Elavon's ECS solution, choosing the right mix of processing methods, security and convenience. Elavon's flexible choice of options fit any retail environment, including:

    --  The ability to process all checks - consumer, business,
        government, etc. - electronically, eliminating the need for
        multiple acceptance and handling processes depending on the
        type of check presented.

    --  Real-time financial processing that automatically and
        systematically leverages three processing methods including
        direct Demand Deposit Account (DDA) access. Automated
        Clearinghouse Processing (ACH), and Check Replacement Document
        processing (CRD) using traditional banking networks.

    --  A choice of processing methods: point of purchase (POP), back
        office conversion (BOC), accounts receivable conversion (ARC).

    --  A range of imaging solutions: the point of sale, in the back
        office, in a centralized location or via 10 outsourced imaging
        ECS item processing centers Nationwide.

    --  Customizable risk service levels - from conversion only to
        verification and guarantee.

    --  Fully automated returns handling that keeps retailers
        financially whole throughout the process.

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. Elavon represents the former brands of NOVA Information Systems and its affiliates FHMS and euroConex. For more information about Elavon visit www.elavon.com.

CONTACT: Elavon Media Relations
Holly Lytle, 404-606-0129
Holly.Lytle@elavon.com
or
Elavon Media Relations
Teri Charest, 612-303-0732

SOURCE: Elavon

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding U.S. Bancorp's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.



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