Fiserv To Change Way Policies Are Set At Accel-Exchange
Fiserv said its electronic funds transfer unit will change the way policies are set for its Accel-Exchange PIN-based point-of-sale and ATM networks with the advise of a 16-member, financial institution-run Network Advisory Council. The council will include 15 financial-institution members and a single Fiserv executive. The new council will help set pricing, rules and variance decisions. But it is unclear whether the council will have the power to set interchange rates and switch fees. The council was formed in response to trends in recent years in which the stakes in most major EFT networks have been sold by banks to shareholder-owned corporations. Accel is currently branded on 1.6 million POS devices and the Exchange network is on 53,000 ATMs.