1

                                                         EXHIBIT 21.1
                                                         Page 1 of 3

                     FIRST FINANCIAL MANAGEMENT CORPORATION
                              LIST OF SUBSIDIARIES



                                                                    State or Other       
                                                                   Jurisdiction of       
Name of Subsidiary  (1) (2)                                         Incorporation        
- ---------------------------                                        ---------------       
                                                                                   
Appalachian Computer Services, Inc.                                    Kentucky          
     Data Preparation, Inc.                                            Georgia           
                                                                                         
FFHC, Inc.                                                             Georgia           
                                                                                         
FFMC Canada Inc.                                                       Ontario           
     Gamma Micro-Systemes LTEE                                          Quebec           
          Gamma Terminals Inc.                                          Quebec           
             Gamma Technik Inc.                                         Quebec           
                                                                                         
FFMC Mexico H.C., Inc.                                                 Georgia           
     FFMC Mexico, S.A. de C.V. (2a)                                     Mexico           
                                                                                         
FIRST HEALTH Services Corporation                                      Virginia          
     First Mental Health, Inc.                                        Tennessee          
          Psych Review Associates of Tennessee, Inc. (2b)             Tennessee          
     Midwest Benefits Corporation                                      Michigan          
     VIPS, INC.                                                        Maryland          
                                                                                         
FIRST HEALTH Strategies, Inc.                                          Delaware          
     ALTA Reinsurance Company                                          Arizona           
     FIRST HEALTH Realty, Inc.                                           Utah            
     FIRST HEALTH Strategies (TPA), Inc.                               Delaware          
     FIRST HEALTH Strategies of Utah, Inc.                               Utah            
          FIRST HEALTH Insurance Agency, Inc.                       Massachusetts        
          FIRST HEALTH Review, Inc.                                      Utah            
          FIRST HEALTH Strategies of New Mexico, Inc.                 New Mexico         
          FIRST HEALTH Strategies of Ohio, Inc.                          Ohio            
          FIRST HEALTH Strategies of Pennsylvania, Inc.              Pennsylvania        
          FIRST HEALTH Strategies of Texas, Inc.                        Texas            
     U.S. Administrators, Inc.                                        California         
                                                                                         
First Image Management Corporation                                     Georgia           
                                                                                         
GENEX Services of Canada, Ltd.                                       Pennsylvania        
                                                                                         
GENEX Services, Inc.                                                 Pennsylvania        
     PRIMECOR, INC.                                                  Pennsylvania        
                                                                                         
International Banking Technologies, Inc.                               Georgia           
                                                                                         
MicroBilt Corporation                                                  Georgia           
     COIN Banking Systems, Inc.                                        Georgia           
     Hospital Cost Consultants, Inc.                                  California         
          Master Hospital Systems, Inc.                                 Texas            
     MicroBilt Leasing, Inc.                                           Georgia           
     MicroBilt Products, Inc.                                          Georgia           
     Retail Interact, Inc.                                            California         
     TechPoint, Inc.                                                   Michigan          
                                               
   2

                                                         EXHIBIT 21.1
                                                         Page 2 of 3

                     FIRST FINANCIAL MANAGEMENT CORPORATION
                              LIST OF SUBSIDIARIES



                                                                    State or Other     
                                                                   Jurisdiction of     
Name of Subsidiary  (1) (2)                                         Incorporation      
- ---------------------------                                        ---------------     
                                                                                 
National Bancard Corporation                                           Florida         
     First Financial Bank                                              Georgia         
     NaBANCO Merchant Services Corporation                             Delaware        
                                                                                       
Nationwide Credit, Inc.                                                Georgia         
     Master Ventures, Inc.                                             Georgia         
          The Master Collectors of Colorado, Inc. (2c)                 Colorado        
          Master Collectors of Dallas, Inc. (2d)                        Texas          
          The Master Collectors of Maryland, Inc. (2e)                 Maryland        
          Texas Master Collectors, Inc. (2f)                            Texas          
                                                                                       
OnLine Financial Communications Systems, Inc.                          Georgia         
                                                                                       
Prime Consulting Group, Inc.                                           Georgia         
                                                                                       
TeleCheck International, Inc.                                          Georgia         
     Shared Global Systems, Inc.                                        Texas          
     TeleCheck Services, Inc.                                          Delaware        
          TeleCheck Payment Systems Limited (2g)                     New Zealand       
             TeleCheck (Australia) Pty Limited (2g)                   Australia        
             Tele-Check New Zealand Limited (2g)                     New Zealand       
          TeleCheck Pittsburgh/West Virginia, Inc.                   Pennsylvania      
     TeleCheck Recovery Services, Inc.                                 Colorado        
     TeleCheck Services of Puerto Rico, Inc.                           Georgia         
                                                                                       
Western Union Financial Services, Inc.                                 Delaware        
     American Rapid Corporation                                        Delaware        
          Grupo Dinamico Empresarial, S.A. de C.V. (2h)                 Mexico         
             Servicio Internacional de Envios, S.A. de C.V. (2i)        Mexico         
             Servicio Mexicano de Entregas, S.A. de C.V (2j)            Mexico         
                  Servicio Mexicano de Apoyo, S.C. (2k)                 Mexico         
     Western Union Communications, Inc.                                Delaware        
     Western Union Financial Services (Canada), Inc.                   Ontario         
     Western Union Financial Services Eastern Europe Limited           Delaware        
     Western Union National Payments Network, Inc.                     Delaware        
          Goldome Payments, Inc.                                       New York        
          National Payments Network, Inc.                              New York        
             National Payment Centers, Inc.                            New York        
                                               
   3

                                                         EXHIBIT 21.1
                                                         Page 3 of 3

                     FIRST FINANCIAL MANAGEMENT CORPORATION
                              LIST OF SUBSIDIARIES

                             Footnote Explanations


(1)  This list includes subsidiaries owned directly by FFMC and those owned
     indirectly through another subsidiary; each indentation denotes a tier of
     indirect ownership through wholly-owned subsidiaries.

(2)  The Registrant owns 100% of the voting securities of all listed subsidiary
     companies, with the following exceptions:

      (a) One share of FFMC Mexico, S.A. de C.V. is held by Nationwide Credit,
          Inc., a wholly-owned subsidiary of the Registrant, to satisfy a
          Mexican requirement of at least two shareholders.

      (b) 50% of Psych Review Associates of Tennessee, Inc. is owned by
          Behavioral Health Management, Inc., which is not affiliated with
          FFMC.

      (c) 30% of The Master Collectors of Colorado, Inc. is owned by American
          Medical (Central), Inc., which is not affiliated with FFMC.

      (d) 33.4% of Master Collectors of Dallas, Inc. is owned by World Book
          Finance, Inc., which is not affiliated with FFMC.

      (e) 30% of The Master Collectors of Maryland, Inc. is owned by Providence
          Hospital, Inc., which is not affiliated with FFMC.

      (f) 30% of Texas Master Collectors, Inc. is owned by American Medical
          (Central), Inc., which is not affiliated with FFMC.

      (g) One Share of TeleCheck Payment Systems Limited, TeleCheck (Australia)
          Pty Limited and Tele-Check New Zealand Limited is held by TeleCheck
          Services, Inc.  to satisfy a New Zealand requirement of at least two
          shareholders.

      (h) 2% (or one share) of Grupo Dinamico Empresarial, S.A. de C.V. is held
          by John C.  Walters to satisfy a Mexican requirement of at least two
          shareholders.

      (i) 55% of Sericio Internacional de Envios, S.A. de C.V. is owned by
          Elektra, S.A. de C.V., which is not affiliated with FFMC.

      (j) 45% of Servicio Mexicano de Entregas, S.A. de C.V. is owned by
          Elektra, S.A. de C.V., which is not affiliated with FFMC.

      (k) 51% of Servicio Mexicano de Apoyo, S.C. is held by Grupo Dinamico
          Empresarial, S.A. de C.V. (2%) and Servicio Internacional de Envios,
          S.A. de C.V. (49%).