Fiserv EFT and AFFN Extend Network Switching Contract; New Agreement with Armed Forces Financial Network Continues to 2009.BROOKFIELD, Wis. -- Fiserv EFT, a unit of Fiserv, Inc. (Nasdaq:FISV FISV Fiserv, Inc (stock symbol) ), and the Armed Forces Financial Network (AFFN AFFN Armed Forces Financial Network AFFN AdultFanFiction.Net AFFN Acrofrontofacionasal Dysostosis Syndrome ) have signed a contract extension for network switching services through December 2009. Under the agreement, Fiserv EFT will continue to provide comprehensive automated teller machine automated teller machine (ATM), device used by bank customers to process account transactions. Typically, a user inserts into the ATM a special plastic card that is encoded with information on a magnetic strip. (ATM) and point-of-sale (POS (1) See point of sale and packet over SONET. (2) "Parent over shoulder." See digispeak. POS - point of sale ) gateway services for AFFN. AFFN and Fiserv EFT have partnered since 1985 to provide all U.S. military personnel - active, reserve, dependents and retired - with ready access to their funds through ATM and POS terminals worldwide. Together, they have collaborated on a number of innovations designed to help AFFN extend its reach, including deploying satellite technology to enable account access on U.S. Navy ships. Fiserv also helped AFFN become the first network to switch POS transactions coast-to-coast in the U.S. with a generic ATM card, enabling AFFN to become the first network to transmit debit card debit card, card that allows the cost of goods or services that are purchased to be deducted directly from the purchaser's checking account. They can also be used at automated teller machines for withdrawing cash from the user's checking account. POS transactions overseas in real time. About the Armed Forces Financial Network The Armed Forces Financial Network (AFFN), an electronic funds transfer See EFT. (application, communications) electronic funds transfer - (EFT, EFTS, - system) Transfer of money initiated through electronic terminal, automated teller machine, computer, telephone, or magnetic tape. network founded in 1985, serves more than 337 defense credit unions and military banks and 92 million cardholders. The network provides access to funds through more than 181,000 ATMs and more than 1.2 million merchant/retail locations globally. To learn more about AFFN, please visit www.AFFN.org. About Fiserv EFT Fiserv EFT provides ATM and debit services to more than 2,700 financial institutions across the United States. The business unit operates more than 17,000 ATMs and owns the ACCEL/Exchange Network. Fiserv EFT currently processes approximately 435 million ATM and debit transactions per month, making it one of the largest electronic funds transfer processors in the nation. About Fiserv, Inc. Fiserv, Inc. (Nasdaq:FISV), a Fortune 500 company, provides information management systems and services to the financial and health benefits industries. Leading services include transaction processing, outsourcing, business process outsourcing Business process outsourcing (BPO) is the contracting of a specific business task, such as payroll, to a third-party service provider. Usually, BPO is implemented as a cost-saving measure for tasks that a company requires but does not depend upon to maintain its position in , software and systems solutions. The company serves more than 17,000 clients worldwide and is the leading provider of core processing solutions for U.S. banks, credit unions and thrifts. Fiserv was ranked the largest provider of information technology services to the financial services industry worldwide in the 2005 and 2004 FinTech 100 surveys. Fiserv Health provides health plan management, pharmacy benefits management, and BPO BPO Business Process Outsourcing BPO Benevolent & Protective Order (of Elks of the USA) BPO Benzoyl Peroxide BPO Business Process Optimization BPO Broker Price Opinions BPO Buffalo Philharmonic Orchestra services to the managed care market and self-funded commercial and government employers and health plans. Headquartered in Brookfield, Wis., Fiserv reported more than $4 billion in total revenue for 2005. For more information, please visit www.fiserv.com. |
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