MAITLAND, Fla. -- Two of the nation's largest regional electronic banking networks reported record transaction growth for the month of July.
The Honor network, which is operated by Southeast Switch Inc. in Maitland., and the Most network, which is operated by Internet Inc., Reston, Va. both recorded their busiest months ever. Honor, the nation's fourthlargest network, reported more than 22 million interchange transactions for the month. Most, which ranks fifth, said it hit to million transactions for the month.
The growth is in keeping with a national trend for financial transactions of all kinds. Honor and Most are also considered two of the most likely candidates to join another trend in the electronic banking industry: network consolidation.
The two networks share several large financial institution owners, including NationsBank Corp. and First Union Corp. Serious talks between the networks have been stalled for some time over reported differences in approach to the electronic banking business. However, recent indications are that the two have begun talking again.