Banknorth Expands Relationship with NYCE; New England's Third Largest Bank Chooses NYCE As Primary Network for PIN Debit.Business Editors MONTVALE, N.J.--(BUSINESS WIRE)--Dec. 2, 2003 Banknorth, N.A. and NYCE See New York Cotton Exchange. NYCE See New York Cotton Exchange (NYCE). Corporation today announced that Banknorth has extended its relationship with NYCE and designated NYCE as its primary network for PIN transaction access to its customers' deposit accounts. Under the terms of the agreement, Banknorth will use NYCE for switching all its POS (1) See point of sale and packet over SONET. (2) "Parent over shoulder." See digispeak. POS - point of sale transactions, and use NYCE in conjunction with an international network to provide its customers with global access to their accounts at ATMs. Banknorth is New England's third largest banking company and one of the 35 largest commercial banking companies in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Banknorth operates approximately 300 branches and more than 400 ATMs in New England and 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 . Wendy Suehrstedt, Executive Vice President for Banknorth, N.A., said, "The NYCE Network provides Banknorth and our customers with the best possible combination of geographic reach, overall economic value and financial institution involvement. NYCE's governance model is a big plus for us. Despite short-term instability in the payments marketplace, we made a business decision to reaffirm our commitment to NYCE as an integral part of our payments program." "Banknorth has been an important customer for years," said Dennis F. Lynch, President and Chief Executive Officer of NYCE Corporation. "The fact that they have decided to expand their association with us speaks to the value that NYCE provides to our Participants. We are very gratified grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. at Banknorth's confidence in NYCE. We also look forward to their participation on the NYCE Network Oversight Board, where they, along with representatives from 12 other financial institutions, will oversee key NYCE Network business policies." ABOUT NYCE NYCE Corporation is at the forefront of electronic payments in the U.S., providing consumers with secure, real-time account access 100 million times each month. From standout customer service to superior levels of infrastructure reliability, NYCE leads the industry through its innovative spirit, dedication to quality and singular focus on real-time payment solutions. With First Data Corporation as its majority owner, NYCE is aligned with the world's leading electronic commerce and payment services company, creating unparalleled opportunities for new products and services. NYCE Corporation operates the NYCE Network providing 2,200 financial institutions, retailers and independent ATM deployers with shared network services for automated teller machines automated teller machine (ATM), device used by bank customers to process account transactions. Typically, a user inserts into the ATM a special plastic card that is encoded with information on a magnetic strip. (ATMs), on-line debit point-of-sale (POS), point-of-banking services and emerging A2A A2A Access to Archives (UK) A2A Application to Application A2A Air-To-Air (weapon) A2A Administration-to-Administration A2A Any to Any applications. The company also provides 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) processing services including ATM driving and fully-automated monitoring services, 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 online at www.nyce.net. ABOUT BANKNORTH Banknorth Group, Inc., headquartered in Portland, Maine, is a $25.8 billion banking and financial services company. The Company's banking subsidiary, Banknorth, N.A. operates banking divisions in Connecticut (Banknorth Connecticut), Maine (Peoples Heritage Bank), Massachusetts (Banknorth Massachusetts), New Hampshire New Hampshire, one of the New England states of the NE United States. It is bordered by Massachusetts (S), Vermont, with the Connecticut R. forming the boundary (W), the Canadian province of Quebec (NW), and Maine and a short strip of the Atlantic Ocean (E). (Bank of New Hampshire), New York (Evergreen Bank) and Vermont (Banknorth Vermont). The Company also operates subsidiaries and divisions in insurance, investment planning, trust and investments services, leasing, merchant services, mortgage banking, government banking and other financial services. |
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