Credit Union 24, the Florida-based nationwide ATM and debit network CUSO, has moved from using Fifth-Third Bank as a processing switch and will instead use FIS, the network said.
FIS processes credit card transactions for the majority of credit card issuing credit unions.
"We have conducted an extensive analysis to evaluate the options for delivering even greater value and flexibility to our credit union-owned network considering market changes and the growing regulation of the financial environment," said Jim Park, president and CEO of Credit Union 24. "It is clear that FIS' switch capabilities are a good fit for Credit Union 24's overall strategy of providing industry-leading payment products and services needed to navigate an increasingly complex and competitive market."
"Our relationship with Credit Union 24 provides FIS the opportunity to supply its credit unions with a switching solution enabled by proven technology to address the challenges their members face in today's changing financial environment," said Neil Marcous, senior vice president, FIS Payment Network Solutions. "The benefits that this relationship brings to Credit Union 24 will positively affect the network's participants and shareholders by protecting and enhancing their bottom lines for years to come."