HOUSTON — Pulse EFT Association saw a 26.5 percent growth in total transaction volume in 2003 as well as a significant increase in membership.
According to a news release, Pulse added 380 new members during the year in 41 different states, without benefit of merger or acquisition.
Among other signs of growth in 2003: 16.91 percent more ATM transactions than posted in 2002; 25.83 percent more PIN-based debit transactions; and a 39.61 percent increase in processing of signature debit transactions.
The increases occurred durinng Pulse's establishment of its own data center and in-house switch in Houston and activation of dual processing capabilities in Dallas. Until last year, J.P. Morgan Chase had served as Pulse's switch.
(See related stories Pulse moving switch operations in-house, with eFunds' help, Pulse enlists more partners to help move its switch in-house and Pulse's move to in-house switch is a success)
Warren Coles, Pulse executive vice president of operations, said that bringing the company's switch in-house gives the network greater control over the economics and capabilities of the system as well as added flexibility to meet changing member and industry needs.
According to the release, Pulse set six all-time records for number of transactions in a single month in March, May, July, August, November and December. The December record was 37 percent above transaction activity in the same month in 2002.
Stan Paur, Pulse president and chief executive, credits the network's ownership and management model for its strong membership growth during the past year. Pulse is the only remaining major electronic payments system that is owned and managed solely by its financial institution members.
"Our direction is not driven by stockholders' expectations, a handful of owners or the Pulse staff. It is a reflection of what banks, credit unions and savings institutions want in a shared EFT network," said Paur in the release.
