Auctionbytes-NewsFlash, Number 18 - February 11, 2001 - ISSN 1539-5065
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Financial Institutions to Offer Online Payment Systems
By Ina Steiner
AuctionBytes.com
Reading AuctionBytes: Financial Institutions to Offer Online Payment Systems
NYCE has tested a real-time person-to-person system to transfer funds between accounts at separate banks. When the product has been fully implemented, Network Participants will be able to support P2P transactions at all types of devices - from ATMs and Web-accessible PCs to VRUs and PDAs - providing that the device can communicate with the NYCE Network's processing platform. This will help people manage their personal accounts held at different institutions, make transfers and forward monetary gifts to family and friends, and send funds to individuals who sell items in Internet auctions. NYCE Corporation is one of the largest electronic payments companies in the United States, with 2,400 financial institutions in its network. http://www.nycenet.com
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