Credit Guides And Credit Services

Fiserv's ACCEL/Exchange Network Grows More Than 50%

Credit Pacific Service Union By WTN News • 02/23/04 BROOKFIELD, Wis.- Fiserv, Inc., an ATM and point-of-sale (POS) processing business, said its ACCEL/Exchange electronic funds transfer network saw its volume increase more than 57% in 2003 to 223 million transactions.

"Our overall growth rate of 57% was tremendous and makes ACCEL/Exchange one of the nation's fastest growing EFT networks," said Kevin Gregoire, Senior Vice President of Products and Networks for Fiserv EFT/CNS. "In 2003, we added more than 22,000 ATMs and 60,000 merchant locations to our network. It is a strategy we will continue to emphasize in 2004."

A key component in the total volume of Fiserv EFT/CNS is merchant processing. In fact, more than 80% of the organization's volume in 2003 involved POS transactions. Other transactions included in Fiserv EFT/CNS volume are network services, financial institution processing and electronic benefits transfer services.

Tony Catalfano, President and Chief Operating Officer of Fiserv EFT/CNS, said the unit's overall performance in 2003 was driven by an improving economy and a strong client focus.

"During 2003, industry volumes grew in the range of 15%, but our transaction volumes increased faster than the market and several of our key processing metrics grew at more than double the prevailing rates," Catalfano said. "We gained market share and solidified our position as a top-five processor and EFT network. Our network services processing numbers were especially gratifying. Through our network relationships, we are clearly the second largest PIN-based POS debit switch in the nation."

Fiserv, Inc. provides information management systems and services to the financial industry, including transaction processing, business process outsourcing and software and systems solutions.

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