The merger of two of the electronic funds transfer industry’s most prominent networks has been completed, according to officials from the PULSE EFT Association and TYME Corporation. The merger was approved by an affirmative vote of more than 95% of TYME’s outstanding shares, and all TYME participants signed PULSE membership agreements. The combined system further solidifies PULSE’s status as one of the leading independent financial industry owned and controlled providers of automated teller machine and point-of-sale processing services.
“This merger is especially significant in light of industry developments that have removed a large portion of the nation’s EFT infrastructure from the stewardship of financial institutions,” said PULSE president and CEO Stan Paur. “The consolidation of the two networks is a natural in light of the mutual ownership structure and the similar operating philosophies.”
TYME president Jim Martin, who will remain head of PULSE’s Wisconsin operations, said the merger offers important strategic benefits to TYME members.
“We felt it was important to our members and to cardholders that TYME be aligned with an organization owned and controlled by the financial industry,” he said.
“Not only does PULSE embody that principle, but it also is widely recognized as an industry innovator and leader. We are very comfortable and confident in joining forces with PULSE for the future.”
Paur noted that PULSE patterned its business philosophy and infrastructure after TYME, which was organized in 1975 and was the first shared EFT network in the country. He said consumers will continue to see the familiar TYME logo on ATMs and at POS terminals, now appearing alongside the PULSE brand. TYME cardholders should notice no changes in the services they have come to count on and to respect but will gain the benefit of access to more ATMs and POS locations.
Following the merger, PULSE membership now includes 3,500 banks, credit unions and savings and loans throughout a 22-state primary service area stretching from the Canadian border to the Gulf of Mexico. PULSE links an estimated 70 million cardholders with more than 83,000 PULSE-branded ATMs and 350,000 POS merchant locations throughout the United States. The network expects to process more than one billion transactions in 2002. In recent years PULSE has become known as a valued resource for consumer research related to EFT services and an effective national voice on public policy issues relevant to the financial services industry.
Completion of the TYME merger represents the second expansion of the network over the past 12 months. PULSE acquired the Ohio-based Money Station network last January.Details