NYCE Unites with PayCast to Offer Real-Time Money Transfer; Technology Platform Will Enable Potentially Millions to Move Money Between NYCE Network Members Via Phone or Internet.Business Editors WOODCLIFF LAKE Woodcliff Lake may refer to:
NYCE See New York Cotton Exchange. NYCE See New York Cotton Exchange (NYCE). Corporation and PayCast today announced an arrangement that will offer PayCast's technology platform to NYCE Network's 2,200 financial institution Participants, which will enable real-time money movement between insured depository The place where a deposit is placed and kept, e.g., a bank, savings and loan institution, credit union, or trust company. A place where something is deposited or stored as for safekeeping or convenience, e.g., a safety deposit box. accounts at various NYCE institutions via wireless or wireline phone or Internet-based banking applications. PayCast currently is in the process of connecting to NYCE's Enhanced Message Structure (EMS) - the payments processing infrastructure that enables such transactions - and will be ready to process money transfer transactions for NYCE institutions, beginning in January 2003. Under the terms of the arrangement, NYCE financial institution Participants may contract with PayCast to enable their cardholders to initiate account-to-account transfers from their checking and savings accounts to other NYCE Network cardholder card·hold·er n. One who holds a card, especially a credit card. card  hold accounts via their institution's e-banking and phone banking delivery channels. As NYCE financial institution Participants complete their EMS certification requirements, they can then offer their customers the advantage of completing these money transfer transactions in real time. PayCast's technology platform will be seamlessly branded and integrated into a NYCE-participating institution's current platforms and will require no additional infrastructure or third-party accounts. "PayCast's relationship with NYCE will redefine the speed, convenience and accessibility of money movement with the financial institutions that cardholders already know and trust," said Bobby Earthman, co-founder, PayCast. "NYCE's Participants will have a competitive advantage through innovative and unique technology that will allow their cardholders to use personal computers and wireless or wireline phones to transfer money in real time." "NYCE and PayCast are at the forefront of enhancing the value and utility of real-time payment applications for the financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. industry," said Neil F. Axe, director of emerging network payments at NYCE. "PayCast provides a key technology solution that institutions will be able to brand and integrate into existing services, and NYCE provides the reliable, secure infrastructure for which we are best known. It's a winning combination for both NYCE Participants and their respective cardholders." About PayCast PayCast seeks to provide financial institutions and partners with instant money-transfer capabilities that put consumers in control of their money and help strengthen and broaden customer relationships. Empowered by PayCast technology, customers will be able to use wireless or wireline phones or the Internet to send money directly and immediately to those with an established bank account. The recipient then will have immediate access to transferred funds without the hassle of paper checks, payment clearance or overnight settlement. For billions of personal payments made each year, PayCast's services and technology are designed to be fast, secure and available anytime, anyplace. Founded in 2001, PayCast is led by the same team that developed TradeCast, the first "point-and-click" trading software for the active day trader Day Trader A stock trader who holds positions for a very short time (from minutes to hours) and makes numerous trades each day. Most trades are entered and closed out within the same day. Notes: This is a highly speculative practice. market. In April 2001, TradeCast became a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Ameritrade Holding Corporation, a major online broker. PayCast is based in Houston. For more information about PayCast, visit www.paycast.com. About NYCE Corporation NYCE Corporation is one of the leading electronic payments 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. , providing financial institutions and retailers 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 (1) See point of sale and packet over SONET. (2) "Parent over shoulder." See digispeak. POS - point of sale ) and emerging real-time payment solutions. In addition to innovative product development, the company also provides processing services that support ATM management and monitoring services, 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. issuance and authorization solutions. NYCE's strategic alliance with First Data Corporation (FDC FDC - Floppy Disk Controller ) is a unique model for the industry that combines the strengths of both organizations through product development, service delivery and complementary national/ international reach. Comprising 2,200 financial institutions and retail ATM Participants, NYCE processes approximately 100 million transactions per month. NYCE Corporation is headquartered in Woodcliff Lake, NJ, and can be found online at www.nyce.net. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion