MINNEAPOLIS (November 17, 2014) - Elan Financial Services, a leader in EFT services, processing more than 4 billion transactions annually, announced today that it has signed an agreement with MasterCard to adopt their U.S. common Debit Application Identifier (AID) specification for the MoneyPass Network.
“Our collaboration with MasterCard will enable the MoneyPass Network to process chip-based ATM transactions on MasterCard Debit cards,” said Troy Cullen, President of Elan Financial Services. “We are confident the agreement we have reached with MasterCard will further expand EMV adoption goals within the United States."
The MoneyPass Network, by licensing the common AID, will be able to facilitate U.S domestic debit transactions on the network, including contact or contactless, and surcharge-free ATM transactions. “Through this agreement, MasterCard and MoneyPass have taken another step to advance the U.S Migration to EMV,” said Carolyn Balfany, MasterCard International.
About Elan Financial Services
Elan Financial Services, a division of U.S. Bank, provides a complete range of processing and payments services, including credit card issuing, prepaid card solutions and ATM and debit card processing. A leading credit card issuer, Elan also provides transaction processing, terminal driving and monitoring and support services for more than 35,000 ATMs nationwide and supports more than 10 million ATM and debit cards. For more information, visit www.elanfinancialservices.com.
MoneyPass is a network of Elan Financial Services, one of the nation’s leading providers of comprehensive ATM and debit card processing solutions for financial institutions and Independent Sales Organizations (ISOs). MoneyPass provides surcharge-free access at more than 24,000 ATMs across the United States, allowing cardholders to access their money where they live, work and travel. With more than 1,600 participating organizations and 75 million active cards, MoneyPass is a rapidly growing surcharge-free network whose emphasis is on cost-efficient membership options, flexible terms and accessible locations. MoneyPass cardholders can easily locate MoneyPass ATMs by visiting the online ATM locator at www.moneypass.com. For more information, call 1-800-343-7064 or visit www.moneypass.com.