Merger of Pulse EFT and Discover Closes
Discover Financial Services and the Pulse EFT Association have announced the completion of their merger following approval by Pulse's financial institution members.
"It's a new day in electronic payments," said David W. Nelms, Chairman and Chief Executive Officer of Discover Financial Services. "We believe that the combination of PULSE's experience in debit and Discover's signature capabilities will enable us to offer additional choices in the important and growing debit market and offer a highly appealing alternative to serve financial institutions, merchants and consumers.""The approval of this agreement by PULSE's members demonstrates that financial institutions recognize the strong benefits of combining the PULSE and Discover networks to establish a new choice for electronic payment products and services," said Stan Paur, PULSE President and Chief Executive Officer. "Our combined entity will be able to provide financial institutions of every size and type with a full-service debit platform and a comprehensive set of products, including credit, signature debit, PIN debit, gift card, stored value card and ATM services."
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