Texas-based Pulse EFT Association, the nation's fourth-largest electronic funds transfer network, is to acquire Ohio-based Money Station. The deal follows the recent acquistion of the Star debit network by Concord EFS, and represents a quickening in the pace of consolidation in the US retail payments industry.
Stan Paur, president and CEO of Pulse will be president and CEO of the combined systems. Money Station will continue to function as a wholly owned subsidiary of Pulse.
As a result of the transaction, the Pulse network will blanket the central, south, midwest and southwest regions of the United States, with a primary service area covering 20 states stretching from Tennessee to Colorado and from Texas to Minnesota and Pennsylvania. It will serve more than 2500 member financial institutions, and expects to process more than 50 million EFT transactions monthly.