HOUSTON - The Pulse network processed a record number of transactions in 2004's first quarter, representing an increase of 35 percent over the first quarter of 2003 and well beyond 2003's overall growth rate of 26.5 percent.
According to a news release, Pulse experienced a 24 percent increase in ATM transactions and a rise of 44 percent in PIN debit transactions at the point-of-sale in the latest quarter, compared to the same period last year.
Pulse also recruited more than 110 new member financial institutions and added several major national retailers to its PIN debit merchant network.
Other news of note, according to the release, includes the election of Jerry Host, a director of Jackson, Miss.-based Trustmark National Bank and president of Trustmark's General Banking, as the new chairman of the Pulse Board of Directors and completion of the migration of settlement and report distribution to Pulse's new in-house platform.
Pulse also saw growing interest in its Pulse Access stored value card program, which provides a range of stored value products customized to members' needs, including payroll, family and gift cards. To date, 31 financial institutions have signed on for the new service, according to the release.
As part of an educational campaign to inform members, industry leaders, public policymakers, the news media and others of the role that Pulse and its financial institution members play in the electronic payments system, Pulse developed a Public Affairs Council and launched a new national study on consumer payment loyalties, the results of which it expects to announce later this month
Also during the quarter, Pulse's TechMecca 2004, a technology conference and expo co-sponsored by Pulse, the Independent Bankers Association of Texas and the Texas Credit Union League, attracted a record-breaking 200 exhibitors and 644 financial institution attendees.
"The industry is continuing to move away from paper transactions to electronic payments, especially PIN debit. At the same time, trends in the electronic payments business make Pulse's industry ownership model more and more attractive to financial institutions," said Stan Paur, the network's president and chief executive. "The combination of these factors positions Pulse for further strong growth as the year progresses."
