The Clearing House Payments Company and the Financial Services Technology Consortium announced a joint initiative to identify ways banks, mobile operators and handset manufacturers can work together to facilitate the use of mobile devices for making payments. The initiative will focus specifically on two areas: 1) Mobile proximity payments, which are payments made at attended or unattended point-of-sale terminals using near field communications (NFC) or other contactless technologies, and 2) Mobile person-to-person (P2P) payments, which involve the movement of funds from one individual/account to another. Members of The Clearing House participating in the initiative so far include LaSalle Bank, BB&T, BofA, Citi, Chase, Comerica, HSBC, KeyBank, National City, PNC, U.S. Bank, Wachovia, and Wells Fargo.
The PULSE EFT Association has renewed its contract with Chase Bank of Texas to provide the network’s technical operation for the next five years. The new agreement calls for Chase Bank to continue to provide operation of the hardware and software associated with the PULSE system. In addition, Chase is responsible for management of the on-line functions of the network.
In making the announcement, Stan Paur, PULSE president and CEO, noted, “Over the years, Chase has done an extraordinary job in providing the technical services necessary to maintain the highest levels of service for PULSE member financial institutions and their customers. This agreement will ensure the continued high level of uninterrupted service that PULSE provides. The levels of support provided by Chase are essential as the use of electronic banking services through PULSE continues to expand.”
Tom Vicknair, executive vice president at Chase, commented, “Our organization is delighted at PULSE’s decision to extend the switch agreement. We are committed to maintaining the highest levels of service. In fact, over a 26-month period, the PULSE switch has experienced zero minutes of unscheduled down time.”
Chase Bank of Texas, N.A. has 123 branches throughout the state and market leadership positions in retail, corporate and commercial banking and community development lending. Chase Texas is a unit of The Chase Manhattan Corporation, one of the world’s largest financial institutions with $367 billion in assets.
PULSE is a not-for-profit, shared electronic funds transfer network comprising nearly 2,000 banks, credit unions, and savings and loans in Arkansas, Colorado, Louisiana, Mississippi, New Mexico, Oklahoma, Tennessee and Texas. The network includes more than 30,000 ATMs and 122,000 PULSE PAY point-of-sale terminals.