HOUSTON - Now that it has completed its merger with Cincinnati-based Money Station, the PULSE EFT Association staked its claim to the third spot among EFT networks in the country, passing Concord EFS of Wilmington, Del.
PULSE was ranked fourth, and Money Station 12th, in a 1999 list of leading regional EFT networks compiled by Bank Network News. Concord EFS was listed third. Star Systems Inc., and NYCE Corp. hold the top two spots on the list.
PULSE announced its intent to merge with Money Station last fall, and completed the acquisition Jan. 31. PULSE's new network encompasses 20 states in the Central, South, Midwest and Southwest regions of the U.S.
Financial terms were not disclosed. PULSE President and CEO Stan Paur will hold the same titles for the combined systems. Money Station will continue to function as a wholly owned subsidiary of PULSE, and former Money Station president Christopher Sontag will keep his office in Cincinnati and will remain with the combined network.
The combined network will serve more than 2,500 member financial institutions and expects to process more than 50 million EFT transactions monthly.
Combined, PULSE and Money Station will have 53,500 ATMs and 313,000 POS terminals, most of which are in the 20 core-coverage states including Tennessee, Colorado, Texas, Minnesota and Pennsylvania. The network links 60 million cardholders with more than 76,500 ATMs and 300,000 point-of-sale terminals.
