HOUSTON -- The merger of the PULSE EFT Association and TYME Corporation, announced in June, was approved by an affirmative vote of more than 95 percent of TYME's outstanding shares, and all TYME participants signed PULSE membership agreements.
With the sale of Cash Station and Star Systems to Concord EFS and First Data's acquisition of a majority stake in the NYCE Corporation, the combined PULSE/TYME network will become the largest to remain under financial institution ownership.
"This merger is especially significant in light of industry developments that have removed a large portion of the nation's EFT infrastructure from the stewardship of financial institutions," said PULSE President and Chief Executive Officer Stan Paur. "The consolidation of the two networks is a natural in light of the mutual ownership structure and the similar operating philosophies."
Paur noted that PULSE patterned its business philosophy and infrastructure after TYME, which was organized in 1975 and was the first shared EFT network in the country. He said consumers will continue to see the TYME logo on ATMs and at POS terminals, now appearing alongside the PULSE brand.
Following the merger, PULSE membership now includes 3,500 banks, credit unions and savings and loans throughout a 22-state primary service area. PULSE links an estimated 70 million cardholders with more than 83,000 PULSE-branded ATMs and 350,000 POS merchant locations throughout the U.S.
The network expects to process more than one billion transactions in 2002, according to a news release.
Completion of the TYME merger represents the second PULSE expansion of the past 12 months. PULSE acquired the Ohio-based Money Station network last January.
