Account-to-Account Money Transfers Launched in U.S. via NYCE Network; Innovative EFT Service Adds New Payment Method For Consumers Plus Revenue Opportunities for Financial Institutions.To download high-resolution, print-ready JPEG JPEG in full Joint Photographic Experts Group Standard computer file format for storing graphic images in a compressed form for general use. JPEG images are compressed using a mathematical algorithm. images, click on the thumbnail image above. WARNING: these images are very large (800K+) Click here for caption Business Editors MULTIMEDIA AVAILABLE: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=4571985 MONTVALE, N.J.--(BUSINESS WIRE)--Feb. 13, 2004 NYCE See New York Cotton Exchange. NYCE See New York Cotton Exchange (NYCE). Corporation, a leading electronic funds transfer See EFT. (application, communications) electronic funds transfer - (EFT, EFTS, - system) Transfer of money initiated through electronic terminal, automated teller machine, computer, telephone, or magnetic tape. (EFT eft: see newt. (Electronic Funds Transfer) The transfer of money from one account to another by computer. See ACH. EFT - electronic funds transfer ) company, announced today the launch of its real-time account-to-account (A2A A2A Access to Archives (UK) A2A Application to Application A2A Air-To-Air (weapon) A2A Administration-to-Administration A2A Any to Any ) money transfer service. For the first time in the U.S., money transfer transactions were conducted in a live production environment through an electronic funds transfer network. These first A2A transactions were initiated at an American Eagle Federal Credit Union (AEFCU) ATM in East Hartford, Connecticut East Hartford (41n47, 72w37 EST) is a town in Hartford County, Connecticut, United States. The population was 49,575 at the 2000 census. The Indians knew East Hartford as Podunk. . Consumer deposit accounts at WCTA WCTA West Central Telephone Association WCTA Western Canada Turfgrass Association WCTA Winnebago Cooperative Telephone Association WCTA Working Capital to Total Assets WCTA Westfield Classroom Teachers Association (Indiana) Federal Credit Union in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , and Banknorth, N.A. in Massachusetts, were the recipients of the inaugural money transfers, as facilitated by the NYCE Network. NYCE A2A enables the real-time transfer of money between two accounts at federally-insured financial institutions that participate in the NYCE Network. Consumers will find the access, immediacy, cost and method of A2A transfers almost identical to the other ATM and electronic banking transactions that they now routinely make. NYCE's A2A is made possible by its Enhanced Message Structure (EMS) payments processing services that enables all 2,200 NYCE members to offer a suite of "card not present" real time funds transfer services to financial institutions' cardholders, using the NYCE Network infrastructure already in place for NYCE ATM and POS (1) See point of sale and packet over SONET. (2) "Parent over shoulder." See digispeak. POS - point of sale PIN debit purchase transactions. NYCE financial institutions individually determine how to send A2A - whether through ATM, web, phone, or with assistance from financial institution branch personnel. "We applaud American Eagle for their payments vision and drive that launched A2A transfers via NYCE, a 'live in production' milestone that reflects NYCE's commitment to bring to market the next generation of electronic financial payments," said Dennis F. Lynch, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , NYCE Corporation. "A2A creates new revenue opportunities for our Participants while giving consumers greater flexibility and convenience in managing their money electronically. We are just months away from having all of our financial institution Participants, like WCTA and Banknorth, technically certified to receive A2A credits to their depositors' accounts." "We are delighted to be the first with the capability to send and receive A2A transactions across the NYCE Network, said William Dokas, President and CEO of American Eagle Federal Credit Union. "Today's real-time world moves so quickly, and A2A is an exciting offering that is a natural complement to the convenience already offered by NYCE ATM and PIN POS services. This new service is a key differentiating use of real time EFT technology at all of our 21 ATMs. In the very near future, A2A will also be available on our e-banking platform for American Eagle cardholders choosing to send money from their PCs." AEFCU introduced A2A, built awareness, and encouraged use of A2A by launching a customer awareness campaign consisting of a promotional newsletter, a website announcement, in-branch closed circuit TV advertisements, on-hold messages on AEFCU's customer service line, and updated checking and ATM brochures. "Because this service is new to both our members and the marketplace, we wanted to make sure they not only knew it was available, but also appreciated its potential for convenience," said Mr. Dokas. To transfer funds using NYCE's A2A product, the sender simply needs the receiver's ATM/debit card number embossed em·boss tr.v. em·bossed, em·boss·ing, em·boss·es 1. To mold or carve in relief: emboss a design on a coin. 2. on the front of the card. The receiver's PIN and expiration date Expiration Date The day on which an options or futures contract is no longer valid and, therefore, ceases to exist. Notes: The expiration date for all listed stock options in the U.S. are never required to conduct any transaction. The transaction to fund the money transfer is always authenticated au·then·ti·cate tr.v. au·then·ti·cat·ed, au·then·ti·cat·ing, au·then·ti·cates To establish the authenticity of; prove genuine: a specialist who authenticated the antique samovar. by the sender's financial institution, as is the case with all EFT transactions. Like all transactions routed through the NYCE Network, A2A money transfer transactions are switched immediately in real time, and settled in the ordinary course with all other network transactions. A2A is processed as "two transactions in-one": first, an authenticated debit from the account of the sender is conducted at a financial institution's ATM, e-banking website, phone banking session, or in-person teller. Second, a credit is made to the receiver's account without the receiver having to participate in the transaction. The receiver may withdraw the transferred funds in accordance with the depositing financial institution's services and policies. Both the sender and the receiver must have accounts with financial institutions that are members of the NYCE Network. NYCE Corporation owns and operates the NYCE Network, providing 2,200 financial institutions, retailers and independent ATM deployers with shared network services for ATMs, POS, and A2A and direct bill payment applications. NYCE provides millions of consumers across the U.S. with secure, real-time account access. American Eagle Federal Credit Union is the second largest credit union in Connecticut with $800 million in assets and 111,000 members nationwide. With 19 branch offices and 21 ATMs, AEFCU processed 750,000 proprietary ATM transactions and 130,000 network transactions, as well as 1.2 million NYCE POS transactions in 2003. About NYCE At the forefront of electronic payments in the U.S., NYCE Corporation provides consumers with secure, real-time account access, 100 million times each month. NYCE also provides processing services, including ATM driving and fully-automated monitoring services The general surveillance of known air traffic movements by reference to a radar scope presentation or other means, for the purpose of passing advisory information concerning conflicting traffic or providing navigational assistance. , on and off-line debit card debit card, card that allows the cost of goods or services that are purchased to be deducted directly from the purchaser's checking account. They can also be used at automated teller machines for withdrawing cash from the user's checking account. processing, and card authorization solutions. NYCE Corporation is headquartered in Montvale, NJ and can be found on the web at www.nyce.net. About AEFCU American Eagle Federal Credit Union is the second largest credit union in Connecticut with over $800 million in assets, 111,000 members, and 19 branch locations in Connecticut, Maine, and Georgia. Employees at Pratt & Whitney Aircraft formed the Credit Union in 1935. The Credit Union now serves over 300 sponsor employee companies whose employees and families can join the Credit Union. For information about American Eagle FCU FCU Federal Credit Union FCU Florida Credit Union FCU Fan Coil Unit FCU Fuel Control Unit FCU Flight Control Unit FCU Flexor Carpi Ulnaris FCU Familial Cold Urticaria FCU Fire Control Unit FCU Fused Connection Unit FCU Flow Control Unit , please contact Marketing Manager Richard Marinelli at 860-568-2020, ext. 5408. MULTIMEDIA AVAILABLE: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=4571985 |
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