Eufiserv Payments and Pulse, the debit and ATM network subsidiary of Discover Financial Services (NYSE: DFS), announced today they have entered into a strategic ATM participation agreement allowing more than 68 million cards, issued by 600 Eufiserv member banks, to participate in the Pulse Global ATM Network.
"EUFISERV Payments is proud to announce this major milestone for the European card market. As the only scheme providing ATM and POS Pan European access today, the partnership with PULSE opens new opportunities for our member banks inside and outside of Europe," said Wolfgang Adamiok, Board Chairman of EUFISERV Payments and Head of Payments & Card Strategies at the German Savings Banks Association.
Under the terms of the strategic alliance, ATM transactions conducted by EUFISERV member cardholders will be enabled at more than 850,000 ATMs in the PULSE Global ATM Network. In addition to expanding acceptance for EUFISERV members in key destination markets, the agreement also will increase PULSE's global ATM volume.
"PULSE is pleased to assist EUFISERV with their goal of creating a more robust Pan European Payments network," said Dave Schneider, President of PULSE. "We have built an extensive global ATM network and look forward to working with EUFISERV participants to enable their cards in the European region and other key target markets."
The arrangement will be implemented in two phases. PULSE and EUFISERV will focus first on European markets, followed by acceptance opportunities in other PULSE ATM markets where EUFISERV cardholders frequently travel. The companies also plan to look at future opportunities for EUFISERV participants' card members, both in Europe and around the world.
Gerd Förster, General Manager of EUFISERV Payments, explained that the partnership is in line with EUFISERV's goals and they hope to partner with additional banks and financial institutions in the future. "The new agreement with PULSE provides our issuing members with new options for ATM access. EUFISERV Scheme - as a SEPA-compliant scheme - is open to banks and other financial institutions. We continue to look for new opportunities to expand our scheme. Our partnership with PULSE is an example of that," said Förster.
"ThThis alliance is a significant part of Discover's 'Network to Network' strategy to create an alternative global payments network and give both financial institutions and consumers more choice," said Joe Hurley, Vice President of Global Business Development at Discover. "By partnering with regional payments networks such as EUFISERV, Discover is able to leverage its unique set of assets to grow volume, while providing our partners with the global reach and localized preferences and needs they require. It's a win-win for everyone."