Discover Financial Services (NYSE: DFS) is a direct banking and payment services company with one of the most recognized brands in U.S. financial services. Since its inception in 1986, the company has become one of the largest card issuers in the United States. The company operates the Discover card, America's cash rewards pioneer, and offers personal and student loans, online savings products, certificates of deposit and money market accounts through its Discover Bank subsidiary. Its payment businesses consist of Discover Network, with millions of merchant and cash access locations; PULSE, one of the nation's leading ATM/debit networks; and Diners Club International, a global payments network with acceptance in more than 185 countries and territories.
Since Discover's national launch in 1986, we have continuously been a leading innovator and driver of change in the credit card industry. From the outset, Discover has worked to expand the network, which connects millions of merchant and cash access locations, as well as markets and supports a full range of credit, debit and prepaid cards, including the Discover Card.
The company's track record of pioneering accomplishments includes the introduction of cash rewards, known as "Cashback Bonus" - America's #1 Cash Rewards program, according to TNS 2008 Consumer Card Strategies Research data that shows more U.S. households have a Discover card than any other cash rewards card. Discover card was one of the earliest to offer 24/7 customer service and secure account numbers for online purchases.
Direct Banking
Our Direct Banking business operates a number of consumer and business credit cards issued through Discover Bank. Discovers cards are founded on a commitment to helping cardmembers earn more meaningful rewards, quickly and easily, while giving them more choices and control over their credit. We are one of the largest card issuers in the United States.
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Gives cardmembers who use credit in many different categories more ways to earn more cash on their purchases. |
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Rewards cardmembers for their good credit management. |
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Rewards cardmembers who want flexible travel faster and without restrictions. |
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A single payment solution for small business owners who want financial flexibility and control. |
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Lets business owners earn Miles faster on travel and gas purchases with no blackout dates. |
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Prepaid stored value cards that can be personalized and used for purchases everywhere Discover network cards are accepted. |
As part of our Direct Banking sector, Discover has two banking affiliates in the United States: Discover Bank and Bank of New Castle. We issue U.S. Discover cards through Discover Bank, which is a Delaware corporation. Bank of New Castle activities are primarily limited to credit card operations.
Discover Bank offers a variety of products, including credit card loans, personal loans and student loans, online savings accounts, certificates of deposit and money market accounts. Discover Bank and the Bank of New Castle are chartered and regulated by the Office of the Delaware State Bank Commissioner and the FDIC, which insures their deposits and serves as the banks' federal banking regulator. To learn more, visit the Discover Bank site.
Three Leading Payments Networks
Discover's Payment Services business includes three networks that support billions of financial transactions each year:
Discover Network - A comprehensive payments network that supports multiple card products, issuers and processors.
PULSE - One of Americas leading ATM/debit networks.
Diners Club International - A global payments network with acceptance in 185 countries and territories.
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Discover Network, a business unit of Discover, is a comprehensive and secure payments network. Discover Network markets and supports a full range of credit, debit and prepaid cards, including the Discover card. Discover also provides customer-centric tools and programs designed to help issuers, acquirers and merchants drive loyalty, increase transaction volume, and run their business more effectively, with streamlined efficiencies. Acting on the successful October 2004 U.S. Department of Justice case against Visa and MasterCard that led to a more competitive marketplace, Discover has transformed from a single-product, merchant acquiring business and issuer into a leading payments network with multiple products, acquirers and issuers as its partners. Discover also has formed strategic alliances with China UnionPay and JCB that provide for reciprocal card acceptance with merchants and at ATMs on these networks. In addition to its U.S.-based merchant acceptance locations, Discover cards also are accepted through cooperative relationships with in-country banks and processors in many countries. Products and programs include contactless payments, recurring billing, and cash over the amount of purchases made with a Discover network card, as well as credit, debit and prepaid card and rewards programs that drive loyalty and increase profits. To learn more, visit the Discover Network site. |
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PULSE, a Discover company since 2005, has operated one of the nations leading ATM/debit networks for nearly three decades. The PULSE network serves more than 4,500 banks, credit unions and savings institutions across the U.S. and links cardholders with ATMs and point-of-sale payment terminals nationwide. PULSEs primary products and services include ATM and PIN debit transaction switching and settlement, a signature debit support service, the Discover Network Debit signature debit card program, a stored value card program, a PINless debit bill payment service, a selective ATM surcharge alliance and a neural network-based fraud detection system. Transaction processing and settlement operate simultaneously on PULSEs dual identical platforms, connected through a uniquely designed telecommunications infrastructure. This state-of-the-art network environment is designed to provide continuous service in the event of a platform outage. Since its founding in 1981, PULSE has served a vital role in educating its financial institution participants on evolving products, services and trends in the payments industry. The organization is also a recognized resource for industry research related to electronic payments. PULSE conducts professional development seminars and conferences for participants and provides marketing materials designed to encourage ATM and debit card use. To learn more, visit the PULSE site. |
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Acquired by Discover in 2008, Diners Club International is a globally recognized brand serving the payment needs of consumers, corporations and small business owners with a complete array of expense management solutions. Established in 1950, Diners Club International offered the first multi-purpose charge card in the world, launching a revolution in how consumers and companies pay for products and services. Diners Club cards are accepted in more than 185 countries and at millions of merchant and cash-access locations globally. Cards are issued in 66 currencies through a network that includes some of the worlds major banks and financial services companies. This capability enables Diners Club to combine the benefits of a unified global network with local customer service. The Diners Club consumer card provides an array of benefits that include access to more than 120 airport lounges globally; award-winning cardmember rewards and loyalty programs; and specialized lifestyle programs built around interests in travel, golf, wine and leisure activities. Diners Club Corporate Expense Management Solutions, which serves more than 80,000 corporations and small businesses in more than 50 countries, provides a wide range of business services that bring increased control over employee travel and entertainment spending. Diners Club Corporate Management Solutions include corporate card and central bill programs for both local and multinational companies, Internet-based management information systems for program analytics; and connectivity to corporate back-office systems. To learn more, visit the Diners Club site. |
