Fiserv EFT and AFFN Extend Network Switching Contract; New Agreement With Armed Forces Financial Network Continues to 2009
Posted on: Tuesday, 20 June 2006, 15:00 CDT
Fiserv EFT, a unit of Fiserv, Inc. (Nasdaq:FISV), and the Armed Forces Financial Network (AFFN) have signed a contract extension for network switching services through December 2009. Under the agreement, Fiserv EFT will continue to provide comprehensive automated teller machine (ATM) and point-of-sale (POS) gateway services for AFFN.
AFFN and Fiserv EFT have partnered since 1985 to provide all U.S. military personnel - active, reserve, dependents and retired - with ready access to their funds through ATM and POS terminals worldwide. Together, they have collaborated on a number of innovations designed to help AFFN extend its reach, including deploying satellite technology to enable account access on U.S. Navy ships. Fiserv also helped AFFN become the first network to switch POS transactions coast-to-coast in the U.S. with a generic ATM card, enabling AFFN to become the first network to transmit debit card POS transactions overseas in real time.
About the Armed Forces Financial Network
The Armed Forces Financial Network (AFFN), an electronic funds transfer network founded in 1985, serves more than 337 defense credit unions and military banks and 92 million cardholders. The network provides access to funds through more than 181,000 ATMs and more than 1.2 million merchant/retail locations globally. To learn more about AFFN, please visit www.AFFN.org.
About Fiserv EFT
Fiserv EFT provides ATM and debit services to more than 2,700 financial institutions across the United States. The business unit operates more than 17,000 ATMs and owns the ACCEL/Exchange Network. Fiserv EFT currently processes approximately 435 million ATM and debit transactions per month, making it one of the largest electronic funds transfer processors in the nation.
About Fiserv, Inc.
Fiserv, Inc. (Nasdaq:FISV), a Fortune 500 company, provides information management systems and services to the financial and health benefits industries. Leading services include transaction processing, outsourcing, business process outsourcing, software and systems solutions. The company serves more than 17,000 clients worldwide and is the leading provider of core processing solutions for U.S. banks, credit unions and thrifts. Fiserv was ranked the largest provider of information technology services to the financial services industry worldwide in the 2005 and 2004 FinTech 100 surveys. Fiserv Health provides health plan management, pharmacy benefits management, and BPO services to the managed care market and self-funded commercial and government employers and health plans. Headquartered in Brookfield, Wis., Fiserv reported more than $4 billion in total revenue for 2005. For more information, please visit www.fiserv.com.
Source: Business Wire
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