MONTVALE, N.J. - NYCE Corporation has launched its real-time account-to-account (A2A) money transfer service, with the first A2A transactions initiated at an American Eagle Federal Credit Union (AEFCU) ATM in East Hartford, Conn.
According to a news release, consumer deposit accounts at WCTA Federal Credit Union in New York, 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.
The service is part of NYCE's Enhanced Message Structure (EMS) payments processing services that enables NYCE members to offer a suite of "card not present" real-time funds transfer services to cardholders using the infrastructure already in place for NYCE ATM and PIN-based point-of-sale transactions.
"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 Lynch, NYCE Corporation's president and chief executive. "We are just months away from having all of our financial institution participants technically certified to receive A2A credits to their depositors' accounts."
"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," said William Dokas, president and chief executive of American Eagle Federal Credit Union.
According to the release, financial institutions individually determine how to send A2A -- through ATMs, the Web, phone or with assistance from branch personnel.
AEFCU is encouraging use of A2A with a customer awareness campaign consisting of a promotional newsletter, a Web site 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," Dokas said.
To transfer funds using NYCE's A2A product, the sender simply needs the receiver's ATM/debit card number embossed on the front of the card. The receiver's PIN and expiration date are never required to conduct any transaction. As is the case with all EFT transactions, the transaction to fund the money transfer is always authenticated by the sender's financial institution.
Both the sender and the receiver must have accounts with financial institutions that are members of the NYCE Network.
