The Independent Bankers of Colorado has endorsed the Pulse network as the regional switch for community bank members of its automated teller machine association.
With its endorsement, the IBC aims to secure cheaper ATM processing and switching for its members by getting them to bid jointly on ATM-related contracts.
The Pulse endorsement is expected to prompt 60 IBC members to join the network during the next year. Operated by the Pulse EFT Association in Houston, the network boasts more than 1,600 member institutions, most of which are in the Southwest.
"In addition to its switch fee being among the lowest in the industry, Pulse also provides a wide variety of educational and marketing support materials to its members," said IBC executive manager James P. Thomas.
The institutions that join Pulse will give their cardholders access to more than 54,000 ATMs nationwide. About 6,000 of these are owned and operated by Pulse members. The rest are accessible through Pulse's gateway agreements with other networks.
Membership in Pulse will also give IBC members access to Pulse's on-line debit point of sale service, which comprises more than 3,000 merchants and generated about 1.8 million point of sale transactions in August.