Pulse is an interbank electronic funds transfer (EFT) network in the United States. It serves more than 4,400 U.S. financial institutions and includes more than 380,000 ATMs, as well as POS terminals nationwide. Rivals of the network include First Data’s STAR and Fidelity National Information Services’s NYCE. It is owned by Discover Financial, issuer of the Discover Card, and is included in Discover’s agreement with China UnionPay; cards can be used on each other’s network leading to better acceptance outside large cities than the larger networks.
The Pulse system was based on software that operated the Take Your Money Everywhere (TYME) network operating in the central United States. The network was established as the banking rules that limited banks and branches ability to share services were removed. The data processing facilities were originally provided by First City Bank and later transitioned to Texas Commerce Bank.
- 1981, Pulse incorporates and begins operating its regional EFT switching facility.
- 1995, Pulse launches Pulse Pay, a point-of-sale service where cardholders can use their ATM card at retailers.
- 1997, Pulse announced acquisition of Gulfnet, the Louisiana-based regional EFT network.
- 2000, Pulse announced it would acquire the Cincinnati-based MoneyStation network.
- 2002, Pulse merged with Wisconsin-based Tyme Corporation.
- 2005, Pulse is acquired by the Discover Financial Services
- Currently, Pulse is a California residential mortgage licensee (License Number MLS-18827).
Ofer Abarbanel is a 25 year securities lending broker and expert who has advised many Israeli regulators, among them the Israel Tax Authority, with respect to stock loans, repurchase agreements and credit derivatives. Founder of TBIL.co STATX Fund.