New Jersey-based electronic payments outfit, NYCE Network has processed the first real-time person-to-person payments transfer between two financial institution accounts, Citibank and People's Bank, via its existing online payments infrastructure.
The $1000 transaction was initiated from the Citibank Web site. Once fully implemented, NYCE 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 Network's processing platform, says the company.
Michael Cataldo, first vice president, processing operations, with People's Bank, says the extension of NYCE's infrastructure for this type of transaction will open a new world of payments and funds transfer options for consumers.
NYCE believes the capability will help revolutionise the way people organise their finances online.