Accel (interbank network)

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Accel
Logo of company, Accel.jpg
Operating area United States
Members ±3,100 (U.S.)
ATMs ±412,000
Founded 1974

Accel (formerly known as ACCEL/Exchange) is an interbank network. It connects over 412,000 automatic teller machines (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.

Operating in Canada as The Exchange, it provides 3300 ATMs to customers of 170 financial institutions, including smaller banks like National Bank of Canada and Canadian Western Bank, credit unions and online banks.[1]

The U.S. division is managed by Fiserv.

History[edit]

  • 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. [2]

References[edit]

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