Financial services technology group Fiserv said that its debit payments network, formerly known as ACCEL/Exchange has been renamed as Accel. The new names would position the network as a real-time enabler within a broad and innovative portfolio of payments capabilities from the group, it added.
It added that Accel is one of the fastest-growing payments networks in the industry, supplying the infrastructure for financial institutions (FIs) to give cardholders around-the-clock access to their demand deposit account funds at ATMs and the point of sale. Accel has a total of 55 million debit cardholders, 3,100 FIs, 340,000 automated teller machines (ATMs) and more than 3m merchant locations.
“Fiserv updated the network’s name to reflect the 24×7-always-connected world we’re living in,” said David Keenan, general manager, network solutions, Fiserv. “Accel helps consumers move money when and how they want. Our real-time payments platform, developed over the last 40 years, has expanded from ATM and retail payments to enabling social payments, as we demonstrated last year with the integration of Accel with our person-to-person payments service, Popmoney.”
Sentiment in the financial services sector deteriorated in the three months to September, as firms digested the challenges of lower interest rates and the uncertainty caused by the vote to leave the European Union (EU), according to the latest CBI/PwC Financial Services Survey.
However, a London summit on the industry’s introduction of the technology cautions that testing and acceptance are still at an early stage and firms should proceed with caution.
Despite faster payment technologies, business-to-business payments by paper cheque show no sign of decline from three years ago.
A global survey of 200 corporate treasurers by Temenos and Ovum shows that many expect at least some banking services to relocate away from London.