Fiserv announces record EFT transaction volume for 2003
23 February 2004 | 600 views | 0
Fiserv, Inc. (Nasdaq:FISV) said its ACCEL/Exchange electronic funds transfer network saw its volume soar more than 57% in 2003 to 223 million transactions.
The tally was just one of several record-breaking performances from Fiserv EFT/CNS, an ATM and point-of-sale (POS) processing business that ranks as one of the industry's largest providers of electronic funds transfer services.
ACCEL/Exchange, one of the nation's largest EFT networks, had logged 141 million transactions in 2002. Among individual delivery channels, POS transactions jumped 66% in 2003 to 192 million, while ATM transactions increased 19% in 2003 to 31 million.
"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."
The remainder of Fiserv EFT/CNS also posted strong growth in 2003, with total transactions within the organization increasing 17% to nearly 4 billion. The total in 2002 was just over 3 billion transactions. In December 2003, total EFT/CNS volume was 344 million transactions, a single-month record and a 17% increase over 293 million transactions in December 2002.
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."
In addition to its own ACCEL/Exchange network, Fiserv EFT/CNS also drives the Armed Forces Financial Network (AFFN); the Credit Union 24 network; the surcharge-free Allpoint Network; and electronic benefits transfer (EBTs) transactions.