Municipal Credit Union implements NYCE's A2A money transfer service

Source: Metavante

Municipal Credit Union (MCU), one of the oldest and largest credit unions in the nation, and NYCE Corporation (NYCE), a Metavante company and leading U.S. debit-card payments network, today announced that MCU will introduce NYCE's new real-time, account-to-account (A2A) money transfer service to MCU's 300,000 members.

MCU is the first financial institution to support NYCE A2A across multiple customer delivery channels - beginning last year with kiosks, today with online banking, and ATMs later this year.

"MCU's mission has always been to provide our members with competitive products and excellent service, and we believe that NYCE A2A funds transfers are a perfect fit with that commitment," said Carole Gonzalez, MCU senior vice president, chief of staff. "Our focus has always been on ways to provide both high tech and high touch services that offer safety, speed and convenience, and we think that NYCE A2A will be a good addition to our service mix."

To transfer funds using A2A processed on the NYCE network, the sender needs the receiver's ATM/debit card number. A2A requires both the sender and the receiver to hold accounts with financial institutions affiliated with the NYCE Network. For security reasons the receiver's PIN and expiration date are never required.

"MCU was one of NYCE's first members and has been a participant in NYCE for over 20 years. We value its service quality, technological innovation and overall reliability," said Janet Perkins, MCU vice president, Management Information Systems. "When we began to evaluate the emergence of A2A transfers and how it could fit with what we do for our members, NYCE A2A stood out because of its ease of integration, added member benefits and NYCE's 20-year record of outstanding performance."

"With nearly 98 per cent of NYCE financial institution clients certified to receive A2A real-time money transfers, MCU members may send funds in real time to other cardholders at more than 2,000 FIs participating in the NYCE Network," said Steve Rathgaber, NYCE president and chief operating officer. "MCU is embracing a holistic, integrated approach that underscores its forward-looking strategy and takes A2A across multiple delivery channels to ultimately give their members a broad range of choice and convenience."

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