A debit card point-of-sale processing service, which will give banks and merchants access to 32 national and regional networks, is being tested by Telemoney Services, a unit of Minneapolis-based Ceridian Corp., in alliance with Electronic Data Systems Corp.

Due by the end of the year, the service will allow merchants to use the same terminal to process debit POS transactions and perform credit card authorization and check verification. Merchants will receive a consolidated statement for both debit and credit, as well as same-day settlement of debit transactions.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.