Kalpana Kalpana (Editor)

Accel (interbank network)

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Members
  
±3,100 (U.S.)

Founded
  
1974

ATMs
  
±412,000

Operating area
  
United States of America


Accel (formerly known as ACCEL/Exchange) is an interbank network. It connects over 412,000 ATMs in all 50 states in the United States.The network also has a small number of ATMs in certain U.S. Air Force Bases around the world, and over 3.3 million electronic funds transfer at point-of-sale locations.

The U.S. division is managed by Fiserv.

History

  • 1985: Accel was founded, by major banks in the Northwest of the United States, primarily as an electronic funds transfer network.
  • 1991: Accel began a business partnership with THE EXCHANGE network creating ACCEL/Exchange.
  • In the 1990s most banks in the Pacific Northwest were part of this network including Seafirst Bank/Bank of America, US Bank, First Interstate Bank, Puget Sound Bank, Rainier Bank/Security Pacific, Key Bank and West One Bank. Since then, bank mergers caused some banks to leave the Accel/Exchange network. Now only Key Bank is part of Accel/Exchange when it comes to major banks in the Northwest.
  • 2013: In April, the company streamlined the name from "ACCEL/Exchange" to simply "Accel," a result of a repositioning of the debit payment network, and a reflection of its current "ability to accelerate funds transfers across retail, biller and social person-to-person payments.

    • References

    Accel (interbank network) Wikipedia
    (Text) CC BY-SA