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®
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.
back to top