Discover Financial Services has acquired the PIN debit network Pulse EFT Association.
The Riverwoods, Ill., unit of Morgan Stanley announced its $311 million deal for Pulse in November. The deal closed on Wednesday.
Stan Paur, Pulse's president and chief executive officer, said its members - more than 4,100 banks, credit unions, and savings banks - voted overwhelmingly to approve the deal. Mr. Paur will continue to run the Houston network.
The acquisition is expected to give Discover many more opportunities to work directly with banks. A series of legal decisions in recent years struck down Visa U.S.A. Inc. and MasterCard International rules that had barred their banks from issuing cards from other companies, such as Discover and American Express Co.
