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NYCE, PayCast to offer real-time money transfers

November 14, 2002

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WOODCLIFF LAKE, N.J. AND HOUSTON -- NYCE Corporation announced it will offer real-time money transfers to its 2,200 financial-institution members via a partnership with wireless payment processor PayCast Inc.

According to a NYCE release, the service is expected to be up and running next January.

NYCE will employ its Enhanced Message Structure money-transfer product to connect to the Internet and PayCast.

PayCast will provide NYCE members real-time, account-to-account transfers taking advantage of NYCE's demand-deposit account database. The database currently is used for PIN-based ATM and point-of-sale transaction authorizations.

The partnership will provide NYCE members secure Internet and wireless transactions instead of other payment devices such as paper checks.

"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," Bobby Earthman, co-founder of Houston-based PayCast, said in the release.

Added NYCE's 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 ... . It's a winning combination for both NYCE Participants and their respective cardholders."