The Armed Forces Financial Network (AFFN) is an

interbank network An interbank network, also known as an ATM consortium or ATM network, is a computer network that enables ATM cards issued by a financial institution that is a member of the network to be used to perform ATM transactions through ATMs that belon ...

. It provides electronic financial transactions services to the military banking and defense credit union sector. It connects approximately 346

bank A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because ...

s and

credit union A credit union, a type of financial institution similar to a commercial bank, is a member-owned nonprofit organization, nonprofit financial cooperative. Credit unions generally provide services to members similar to retail banks, including depo ...

s with over 800,000 ATMs and 2.3 million

point-of-sale The point of sale (POS) or point of purchase (POP) is the time and place at which a retail transaction is completed. At the point of sale, the merchant calculates the amount owed by the customer, indicates that amount, may prepare an invoice f ...

locations that are often in or near military bases both in the United States and overseas. John M. Broda is the president and chief executive officer of the network.

History

The Armed Forces Financial Network was founded in 1985 at the request of the

United States Army The United States Army (USA) is the land service branch of the United States Armed Forces. It is one of the eight U.S. uniformed services, and is designated as the Army of the United States in the U.S. Constitution.Article II, section 2, cla ...

to support the "Surepay"

direct deposit A direct deposit (or direct credit), in banking, is a deposit of money by a payer directly into a payee's bank account. Direct deposits are most commonly made by businesses in the payment of salaries and wages and for the payment of suppliers' acco ...

initiative. The AFFN's role in the Surepay initiative was to be one way U.S. military personnel could gain access to their money. In 2017 the Armed Forces Financial Network launched a

chip and pin Chromatin immunoprecipitation (ChIP) is a type of immunoprecipitation experimental technique used to investigate the interaction between proteins and DNA in the cell. It aims to determine whether specific proteins are associated with specific geno ...

travel card.

References

Interbank networks United States Army organization FIS (company) Companies based in St. Petersburg, Florida {{US-finance-company-stub