The transaction makes U.S. Bank the nation's second-largest, third-party ATM processor, according to a news release, in addition to having the second largest bank-owned ATM network in the U.S. Bank did not disclose financial terms of the agreement but did note that approximately 350 Genpass employees will become employees of U.S. Bank as part of the acquisition. "This transaction makesÂ
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"Genpass has grown rapidly to become the second largest ATM processor in the United States and is also the owner of MoneyPass, one of the largest "open" surcharge free networks in the United States," said Janet Estep, executive vice president for U.S. Bank Transaction Services, and manager of the Elan Financial Services business unit. "Genpass customers will continue to benefit from the high level of customer service, excellent products and technology delivered by Genpass, and U.S. Bank will bring new capabilities from our processing businesses as well as additional products through our correspondent banking division."
Elan Financial Services serves more than 2 million credit card holders, and backs more than 7,700 ATMs and 15 million ATM/point of sale cards. As a result of the acquisition, U.S. Bank will provide services for more than 40,000 ATMs, Estep added. U.S. Bancorp holds $198 billion in assets, and is the sixth largest financial holding company in the
