News

AFFN extends processing contract with Fiserv

February 3, 2004

BROOKFIELD, Wis.- Fiserv, Inc.'s (Nasdaq:FISV) EFT/CNS unit signed a contract extension to provide network switching services to the Armed Forces Financial Network (AFFN) through June 2008.

According to a news release, Fiserv EFT/CNS will continue to provide comprehensive ATM and point-of-sale gateway services for AFFN, a worldwide ATM and POS network for U.S. military personnel.

Today, the AFFN network consists of 53,000 ATMs and POS terminals located at U.S. military commissaries, generating more than 150 million transactions a year.

Working with AFFN since 1985, Fiserv has designed an EFT program that allows cardholders to access local, regional, national and international networks. Using satellite technology, Fiserv also has helped AFFN extend its reach to U.S. Navy ships. Furthermore, military personnel are no longer forced to close the old and open new accounts with every assignment change.

Because of its Fiserv relationship, AFFN was the first network to switch POS transactions coast-to-coast in the United States with a generic ATM card. AFFN also became the first network to transmit debit card POS transactions overseas in real-time, according to the release.

Fiserv EFT/CNS has 4,000 clients (direct and indirect), drives 16,500 ATMs and processes approximately 345 million monthly transactions.