Electronic funds transfer network NYCE says it is to introduce a person-to-person funds transfer system for banks to enable e-mail payments.
The person-to-person payments market in the US is growing rapidly as banks and third parties vie to deliver e-mail based funds transfer systems to individuals.
According to NYCE SVP James Judd, the proposed NYCE solution will be distinguished by its real-time functionality. He says several leading financial institutions are working closely with NYCE in preparation for the first stage of the product launch, which is scheduled for first quarter 2001.
When fully implemented, NYCE participants will be able to offer P2P transactions to their customers at all types of devices that can communicate with the NYCE Network's processing platform - from ATMs and Web-accessible PCs to VRUs and PDAs. Under the scheme, P2P transactions will be switched using an ATM/debit card number associated with the recipient's account.