STRATEGIC PARTNERS
September 20, 2010
Select-A-Branch, a King of Prussia, Pa.-based ATM network, has signed a multi-year agreement with MoneyPass to resell MoneyPass’s surcharge-free ATM network to ATM ISO acquirers and financial institutions.
Douglas P. Miraglia, president of MoneyPass, said ATM ISO acquirers have seen a drop in transactions and are interested in joining a large surcharge-free ATM network to increase their card traffic. MoneyPass has more than 40 million active cards.
Financial institutions would be interested in joining MoneyPass to give their cardholders nationwide access to a surcharge-free ATM network, he said. MoneyPass operates more than 19,000 surcharge-free ATMs nationwide.
As part of the deal, MoneyPass cardholders will have surcharge-free Access to designated Select-A-Branch ATMs. MoneyPass and Select-A-Branch announced their agreement earlier this month, and the deal already is producing results.
“We are in early discussions with several ATM ISO acquirers and financial institutions,” he added.
Select-A-Branch, a privately held company, offers a unique product, industry officials said.
When a cardholder of a participating financial institution swipes his card into a Select-A-Branch ATM, the home page of the cardholder’s financial institution appears on the ATM monitor and the transaction is surcharge free, said Michael Tedesco, executive vice president of financial services for Select-A-Branch.
Select-A-Branch operates 400 ATMs, which are located on Pennsylvania Turnpike Service Plazas, the New York Port Authority, Dunkin’ Donuts stores and McDonald’s restaurants in New York City.
