NYCE Teams With CashEdge To Facilitate Real Time Funds Transfer Between Financial Institutions
CashEdge to Certify as Online Money Movement Processor for NYCE's Account to Account Payments Initiative
Woodcliff Lake, NJ & New York, NY – September 23, 2002 —NYCE Corporation and CashEdge today announced a relationship in which CashEdge will provide connectivity for financial institutions into NYCE's real-time Enhanced Message Structure (EMS) payments processing infrastructure. The new capability with NYCE will be activated in the fourth quarter of this year, and will subsequently be available to CashEdge's current customers and distribution partners.
According to the terms of the arrangement, NYCE Network participating financial institutions will be able to use CashEdge's Online Money Movement solutions to provide cardholders with real-time sending and receiving of funds, when initiated online from a NYCE institution's banking application and directed to another NYCE institution.
CashEdge will also provide its Inter-institution Transfer and Pay Anyone services along with the new EMS functionality to non-NYCE institutions and CashEdge's current customers and distribution partners.
"Our relationship with CashEdge enables our financial institutions to round out their online banking channel with a fee-generating, real-time money transfer solution for their customers," says James S. Judd, senior vice president with NYCE. "By processing transfers through the NYCE Network, we are making our existing secure and reliable infrastructure available to participating financial institutions to offer their customers a whole new level of convenience in moving money between insured depository accounts."
"CashEdge already supplies financial institutions with online money movement capabilities through the ACH network. Working with the NYCE Network is a natural extension of our experience," said Dilip Venkatachari, President, CashEdge Inc. "When we looked to expand into ATM networks, NYCE was the obvious partner for us because they are so technologically advanced. We are thrilled to participate in NYCE's EMS initiative as an online payments provider."
About NYCE Corporation
NYCE Corporation is one of the leading electronic payments companies in the United States, providing financial institutions and retailers with shared network services for automated teller machines (ATMs), on-line debit point-of-sale (POS) 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 issuance and authorization solutions. NYCE's strategic alliance with First Data Corporation (FDC) 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.
About CashEdge
CashEdge® provides innovative, online financial applications to banks, credit unions and wealth management firms. CashEdge's solutions include end-to-end online account opening and funding, funds transfer, small business payments and invoicing, and data consolidation. These proven solutions are flexible, scalable and supported by extensive risk management capabilities.
CashEdge has been ranked by Inc. Magazine as one of the 500 fastest growing private companies in the United States for two years in a row. In 2007 it was also recognized by the 2007 Deloitte Technology Fast 500 and Fast 50 as one of the nation's 500 fastest growing private companies and one of the 50 fastest growing companies in the New York area, respectively. The company currently serves hundreds of leading financial institutions including four of the top five banks, 23 of the top 100 banks, and 20 of the top 100 credit unions. CashEdge has offices in New York, Silicon Valley and India. For more information, please visit www.cashedge.com.
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