HOUSTON -- Financial Stored Value Payment Systems (FSV), which has partnered with Fiserv Inc. (Nasdaq:FISV) on a payroll debit card program, has signed with ATM National, operator of Allpoint, a nationwide network of 23,000 surcharge-free ATMs.
"With the growing interest in payroll debit cards, there has also been growing concern by employers on how to meet necessary free and clear compliance issues," said Jackie Binks, vice president of Business Development for the Fiserv Bank Servicing Group, in the release. "This agreement solves that problem."
Several states have specific statutes that require employers to provide a way for employees to collect their pay at no cost. However, most ATMs will levy a surcharge, except when the ATM is owned by the card-issuing bank, making compliance a challenge for companies with employees located in multiple states.
Skylight Financial, which provides payroll programs as well as other financial services for those without traditional banking relationships, is another member of the Allpoint network.
Fiserv already has a relationship with Allpoint through its Fiserv EFT/CNS unit, which provides turnkey back-office processing services, as well as other strategic support, to the Allpoint network through an agreement with ATM National.