Fiserv, Inc. (Nasdaq:FISV) said its Fiserv EFT/CNS unit signed a contract extension to provide network switching services to the Armed Forces Financial Network (AFFN) through June 2008. AFFN, a worldwide ATM and point-of-sale network for U.S. military personnel, processes more than 150 million transactions a year.
Under the agreement, Fiserv EFT/CNS will continue to provide comprehensive automated teller machine (ATM) and point-of-sale (POS) gateway services for AFFN. AFFN is a global electronic funds transfer (EFT) system formed to provide all U.S. military personnel - active, reserve, dependents and retired - with ready access to their funds through ATM and POS terminals located at or near U.S. military bases worldwide. Today, the AFFN network consists of 53,000 ATMs and POS terminals located at U.S. military commissaries.
Working with AFFN since 1985, Fiserv has designed an EFT program that allows cardholders to access local, regional, national and international networks for comprehensive coverage. No longer does a military traveler have to shop around for a terminal because in most instances, an AFFN terminal will be readily available to access personal accounts while at home or distant posts. Using satellite technology, Fiserv also has helped AFFN extend its reach to U.S. Navy ships. Furthermore, military personnel are no longer forced to close the old and open new accounts with every assignment change.
Because of its Fiserv relationship, AFFN was the first network to switch POS transactions coast-to-coast in the United States with a generic ATM card. AFFN also became the first network to transmit debit card POS transactions overseas, real-time.
Fiserv EFT/CNS is one of the EFT industry's largest service providers. The organization has 4,000 clients (direct and indirect), drives 16,500 ATMs and processes approximately 345 million monthly transactions.