NYCE Expands Geographic Presence With Sovereign Bank Signing; Leading Mid-Atlantic Region Financial Institution Joins Network.Business Editors
WOODCLIFF LAKE, N.J.--(BUSINESS WIRE)--March 20, 2000
NYCE See New York Cotton Exchange.
See New York Cotton Exchange (NYCE). - one of the leading electronic payments company in the U.S. - continues to further its geographic reach with the signing of Sovereign Bank as a participant in the NYCE Network.
Pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts.
The phrase pro forma , upon completion of the purchase of assets and deposits from FleetBoston Financial, Sovereign Bank will be a $35 billion financial institution with more than 600 community banking offices located from north of Boston North of Boston is a 1914 poetry collection by Robert Frost. It includes two of his most famous poems, 'Mending Wall' and 'After Apple-picking'. Most of the poems resemble short dramas or dialogues. to south of Philadelphia. Sovereign will add 500 automated teller machines (ATMs) and 770,000 ATM/debit cards to NYCE and is expected to be operational in the Network by the end of March 2000. The Bank recently supplemented its electronic payments program in the Mid-Atlantic region with the acquisition of more than 550 ATMs in New England which were already participating in the NYCE Network.
In 1999, NYCE merged with Michigan-based Magic Line, Inc. The combination significantly expanded the geography of the NYCE Network across the Northeast quadrant of the United States, from Maine through Illinois. The signing of Sovereign Bank exemplifies NYCE's commitment to growing its presence in contiguous regions.
"NYCE's extensive geographic reach throughout the Northeast and Midwest will help make Sovereign Bank's electronic payments program even more valuable for our customers," said John McCarthy, Chief Technology Officer with Sovereign Bank, one of the 30 largest banks in the U.S. "Our cardholders will now have access to more than 35,500 ATMs and 208,000 debit point-of-sale locations in the NYCE Network throughout the country - and more points of access mean greater convenience for them."
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. of NYCE Corporation added, "Sovereign Bank's decision to join NYCE is another validation of our ability to provide high levels of support across an ever-expanding service area. We look forward to supporting Sovereign's electronic payments needs, and the Bank's customers, as we continue to solidify and grow our Network reach."
Headquartered in Woodcliff Lake, New Jersey Woodcliff Lake is a borough in Bergen County, New Jersey, United States. As of the United States 2000 Census, the borough population was 5,745.
Woodcliff Lake is also the name of the reservoir that lies primarily within the town--a small part of it lies in neighboring , the NYCE Network provides financial institutions and retailers with shared network services for automated teller machine (ATM), on-line point-of-sale (POS (1) See point of sale and packet over SONET.
(2) "Parent over shoulder." See digispeak.
POS - point of sale ) and electronic benefits transfer (EBT EBT
See: Earnings Before Taxes ) transactions. In addition, NYCE Corporation provides financial institutions with 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. processing services that support ATM terminal deployment and ATM/debit card issuance. In December 1999, NYCE announced its plans to launch a PIN-secured Internet debit payment product in 2000. NYCE is one of the leading electronic payments companies in the U.S. The company's web site address is www.NYCE.net.