News

Fiserv establishes new governance structure for Accel/Exchange

November 11, 2003

BROOKFIELD, Wis. - Fiserv, Inc. (Nasdaq:FISV) and its Fiserv EFT/CNS unit have introduced a new governance structure for the Accel/Exchange EFT network.

Under plans developed by Fiserv EFT/CNS for the network, a 16-member Network Advisory Council will set the strategic and tactical goals for Accel/Exchange. The council will include 15 financial institution members and a single Fiserv executive.

According to a news release, the distributed governance approach combines the network ownership, scale and efficiency of Fiserv with the industry insight and knowledge of executives from a cross-section of financial institutions.

"Our goal in designing and implementing the ACCEL/Exchange governance model is to create a network that hears the voice of the client and fulfills the needs of the marketplace," said Tony Catalfano, president and chief operating officer of Fiserv EFT/CNS.

Kevin Gregoire, senior vice president of Products/Networks of Fiserv EFT/CNS, said that, in addition to establishing the network's strategic direction, the new council will also be the arbiter on pricing, rules and variance decisions.

Fiserv EFT/CNS has 4,000 (direct and indirect) clients, drives 17,500 ATMs and processes approximately 330 million monthly transactions, according to the release.