WOODCLIFF LAKE, N.J. -- Continuing a trend of network consolidation, the NYCE Corporationsigned a definitive agreement to acquire the switching and EFT processing businesses of the X-Press 24 network from FleetBoston Financial.
The transaction received regulatory approval from the Federal Reserve Board and was closed earlier this month. Terms were not disclosed.
The acquisition will add approximately 40 new participants to NYCE's EFT processing business, as the participants of X-Press 24 transfer their processing services from BankBoston, a major subsidiary of FleetBoston, to NYCE.
The X-Press 24 acquisition comes one year after NYCE's merger with Michigan-based Magic Line, at that time the nation's fifth-largest EFT network. That acquisition expanded NYCE's presence in the Midwest.
"We are extremely proud that our track record as a leading electronic payments company has helped NYCE earn this opportunity to work more closely with New England's financial institutions and retailers," said NYCE President and CEO Dennis Lynch.
"The acquisition of X-Press 24 will enable NYCE to be even more valuable through greater economies of scale, and we look forward to passing these benefits onto all of our constituents."
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