News

Elan signs five new processing contracts

September 26, 2002

MINNEAPOLIS -- Elan Financial Services, a transaction processor owned by U.S. Bancorp, says it has signed five new clients that will utilize its ATM and debit card services.

The five clients range in asset size from $20 million to $714 million, according to a news release. They are:First State Bank Shannon-Polo, based in Polo, Ill.; Home Federal Savings Bank, based in Rochester, Minn.; Saginaw Automotive Employees Federal Credit Union, based in Saginaw, Mich.; Hoosier Hills Credit Union, based in Bedford, Ind.; and Illinois Community Credit Union, based in Sycamore, Ill.

"Elan has enabled First State Bank Shannon-Polo to improve customer service by providing our transaction files prior to nightly processing," said Perry Byers, vice president with First State Bank Shannon-Polo, in the release.

Jan Estep, executive vice president of Elan Financial Services, said in the release that the signings are important to Elan, especially as more financial institutions consider outsourcing ATM and debit services.

Elan offers ATM authorization processing, terminal driving and switching services, along with management and support functions, according to the release. It supports more than 7,000 ATMs, 14 million ATM/POS cards and 8 million credit cardholders.