On-Line Service Corp first ventured into the financial transaction processing industry in 1993 with their set up of an "Issuer" switch to process transactions for financial institutions. This switch enabled the financial institution to connect its computer system to the Interac® network, thus allowing its cardholders to utilize Interac® services.

Encouraged by the success of the Issuer switch business, On-Line developed another switch, "Acquirer" to process transactions for non-financial institutions (or private "White Label" ABMs) capitalizing on the product and service experience aready gained. On-Line proceeded to offer contracts through ISOs for these private machines.

 

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