The Federal Reserve Board gave Electronic Payment Services Inc. permission to provide the software and telecommunications channels needed to dispense mutual fund shares, insurance policies, prepaid phone cards, concert or public transportation tickets, and other products through automated teller machines.

Electronic Payment, based in Wilmington, Del., operates the MAC electronic banking network. It is owned by Banc One Corp., Columbus, Ohio; KeyCorp and National City Corp., both in Cleveland; CoreStates Financial Corp., Philadelphia; and PNC Bank Corp., Pittsburgh.

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