Discover Financial Services Company was organized in 1986. It is a credit card issuer and electronic payment services company with one of the most recognized brands in U.S. financial services with $48.2 billion in managed receivables. In 2007, it processed 3.8 billion transactions through the Company's signature card network the 'Discover Network' and PULSE EFT Association the 'PULSE Network', one of the nation's ATM/debit networks. The Company issue credit cards in the United States under the Discover Card brand to various segments within the consumer and small business sectors. Most of its cards offer a Cash back Bonus rewards program. In addition, the Company offers a range of banking products to its customers, including personal loans, student loans, certificates of deposit and money market accounts. Discover Financial Services Company operates in three reportable segments: U.S. Card, Third-Party Payments and International Card. The Company's key functions performed in marketing include customer acquisition, product development, pricing and analytics, customer management, advertising and brand management, rewards/Cash back Bonus, fee products and website management. The Company provides technology systems processing through a combination of owned and hosted data centers. These data centers support its Discover and PULSE Networks, provide card members with access to accounts at all times and manage transaction authorizations, among other functions. It approach to technology development and management involves both third-party and in-house resources. The Company use third-party vendors for basic technology services. The Company terms and conditions governing its products vary by product and change over time. Each card member enters into an agreement governing the terms and conditions of the card member's account. Discover Card's terms and conditions are generally uniform from state to state. The Company competes with other card issuers and networks on the basis of a number of factors, including: merchant acceptance, products and services, incentives and reward programs, brand, network, reputation and pricing. The Company uses methods, such as trademarks, patents, copyrights and trade secrets, to protect its intellectual property. It's Discover, PULSE and Goldfish brands are important assets, and the Company takes steps to protect the value of these assets. Discover's operations are subject to regulation by U.S. federal, state and foreign laws and regulations.