NYCE
Encyclopedia
The New York Currency Exchange (NYCE) is an interbank network
connecting the ATMs of various financial institutions in the United States
and Canada
. NYCE also serves as an EFTPOS
network for NYCE-linked ATM cards.
NYCE is based in Secaucus, New Jersey
. Rivals of the network include STAR
and Discover Card
's Pulse
. It is owned by Fidelity National Information Services
.
The public brand name, "NYCE", is an acronym for "New York Cash Exchange"; the original corporate name was the New York Switch Corporation.
The banks which founded and originally owned the network were: National Westminster Bank
USA, Chase Manhattan, Manufacturers Hanover, Chemical Bank, Barclays Bank, Marine Midland Bank
and the Bank of New York
; in later years both BayBank and Fleet Bank from Boston became owners as well. The original Chairman of the Board was Edward Coakley of National Westminster Bank; some of the other members of the Board of Directors were Donald L. Boudreau and Ron Braco of Chase Manhattan, Gary Roboff and Michael Hegarty of Chemical Bank, Stu Segal and Roger Goldman of National Westminster, Robert Muth of Marine Midland, Bob Shay and Lindsey Lawrence of BayBank, and Dennis Lynch of Fleet.
Corporation, formerly a subsidiary of M&I Bank and based in the Milwaukee suburb of Brown Deer, Wisconsin
. Steven A. Rathgaber is President of NYCE; he has been with the company since it was bank-owned. On October 1, 2009, Metavante officially became a subsidiary of Fidelity National Information Services
.
Interbank network
An interbank network, also known as an ATM consortium or ATM network, is a computer network that connects the ATMs of different banks and permits these ATMs to interact with the ATM cards of non-native banks....
connecting the ATMs of various financial institutions in the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
and Canada
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
. NYCE also serves as an EFTPOS
EFTPOS
EFTPOS is the general term used for debit card based systems used for processing transactions through terminals at points of sale. In Australia and New Zealand it is also the brand name of the specific system used for such payments...
network for NYCE-linked ATM cards.
NYCE is based in Secaucus, New Jersey
Secaucus, New Jersey
Secaucus is a town in Hudson County, New Jersey. As of the 2010 United States Census, the town population was 16,264. Located within the New Jersey Meadowlands, it is the most suburban of the county's municipalities, though large parts of the town are dedicated to light manufacturing, retail, and...
. Rivals of the network include STAR
STAR (interbank network)
STAR is an interbank network and EFTPOS network in the United States. It is the largest American interbank network, with 250,000 ATMs, 134 million cardholders and over 5,700 participating financial institutions. The network is owned and operated by STAR Networks, a subsidiary company of First Data...
and Discover Card
Discover Card
The Discover Card is a major credit card, issued primarily in the United States. It was originally introduced by Sears in 1985, and was part of Dean Witter, and then Morgan Stanley, until 2007, when Discover Financial Services became an independent company. Novus, a major processing center, used to...
's Pulse
Pulse (interbank network)
PULSE is an interbank electronic funds transfer network in the United States. It serves more than 4,400 U.S. financial institutions and includes more than 380,000 ATMs, as well as POS terminals nationwide...
. It is owned by Fidelity National Information Services
Fidelity National Information Services
Fidelity National Information Services, Inc. , also known as FIS, is a publicly traded corporation and is a global provider of banking and payments technology solutions, processing services and information-based services...
.
Origins
"NYCE" originally started as a local ATM network of banks located in the New York metro area. It was one of the first networks of its kind, originating shortly after the invention of the ATM (Automatic Teller Machine). Membership was open to all banks, credit unions and savings banks, and as use of ATM's grew the network spread beyond its original New York Metro area; by the early 90's, NYCE was the largest regional ATM network in the US.The public brand name, "NYCE", is an acronym for "New York Cash Exchange"; the original corporate name was the New York Switch Corporation.
The banks which founded and originally owned the network were: National Westminster Bank
National Westminster Bank
National Westminster Bank Plc, commonly known as NatWest, is the largest retail and commercial bank in the United Kingdom and has been part of The Royal Bank of Scotland Group Plc since 2000. The Royal Bank of Scotland Group is ranked as the second largest bank in the world by assets...
USA, Chase Manhattan, Manufacturers Hanover, Chemical Bank, Barclays Bank, Marine Midland Bank
Marine Midland Bank
Marine Midland Bank was a bank formerly headquartered in Buffalo with several hundred branches throughout the state of New York. Marine Midland began in 1850 in Buffalo as the Marine Trust Company with the objective of financing the new shipping trade on the Great Lakes...
and the Bank of New York
Bank of New York
The Bank of New York was a global financial services company established in 1784 by the American Founding Father Alexander Hamilton. It existed until its merger with the Mellon Financial Corporation on July 2, 2007...
; in later years both BayBank and Fleet Bank from Boston became owners as well. The original Chairman of the Board was Edward Coakley of National Westminster Bank; some of the other members of the Board of Directors were Donald L. Boudreau and Ron Braco of Chase Manhattan, Gary Roboff and Michael Hegarty of Chemical Bank, Stu Segal and Roger Goldman of National Westminster, Robert Muth of Marine Midland, Bob Shay and Lindsey Lawrence of BayBank, and Dennis Lynch of Fleet.
Current status
At present, NYCE is the primary network of 301,500 ATMs with a customer base of 89 million users. NYCE is no longer owned by New York and Boston banks; it was wholly owned by MetavanteMetavante
Metavante Technologies, Inc., through its subsidiary, Metavante Corporation, provides financial technology services, software and financial services regulatory advice and consulting to its customers, consisting primarily of small to large sized financial institutions. The $1.5 billion organization...
Corporation, formerly a subsidiary of M&I Bank and based in the Milwaukee suburb of Brown Deer, Wisconsin
Brown Deer, Wisconsin
Brown Deer is a village in Milwaukee County, Wisconsin, United States. It is a suburb of Milwaukee. The population was 11,999 at the 2010 census...
. Steven A. Rathgaber is President of NYCE; he has been with the company since it was bank-owned. On October 1, 2009, Metavante officially became a subsidiary of Fidelity National Information Services
Fidelity National Information Services
Fidelity National Information Services, Inc. , also known as FIS, is a publicly traded corporation and is a global provider of banking and payments technology solutions, processing services and information-based services...
.