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.
 | |
| Operating area | United States |
|---|---|
| Members | 2,358 |
| ATMs | 301,500 |
| Founded | 1985 |
| Owner | FIS |
| Website | www |
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.
Origins
edit"NYCE" originally started as a local ATM network of banks located in the New York Metropolitan area, debuting in March 1985 with a network of 800 ATMs at six banks, including Bank of New York, Barclays Bank Chemical Bank, Manufacturers Hanover Trust Company and Marine Midland Bank.[1] 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 ATMs grew, the network spread beyond its original New York Metro area; by the early 1990s, NYCE was the largest regional ATM network in the United States, with a network of 9,600 ATMs in 24 state available to its 17 million customers .[2]
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.
Current status
editAt 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 Metavante Corporation, formerly a subsidiary of M&I Bank and based in the Milwaukee suburb of Brown Deer, Wisconsin. On October 1, 2009, Metavante officially became a subsidiary of Fidelity National Information Services.
See also
editReferences
edit- ^ Stevenson, Richard W. "Big New York Banks Link Teller Machines", The New York Times, March 7, 1985. Accessed February 4, 2024. "Known as the New York Cash Exchange, or N.Y.C.E., the system initially permits customers of five New York banks - Chemical Bank, the Manufacturers Hanover Trust Company, Marine Midland Bank, The Bank of New York and Barclays Bank of New York - as well as the Union Trust Company, based in Stamford, Conn., to make cash withdrawals and balance inquiries at any of the group's automated teller machines.... The network's eight founding banks operate more than 800 teller machines at 650 locations in New York and Connecticut, and their customers hold 2.5 million automated teller cards."
- ^ Trigaux, Robert. "Local ATM system linked to Northeast", Tampa Bay Times, September 11, 1991. Accessed February 4, 2024. "Under an agreement announced Tuesday, the 15-million customers of the Honor system will have access to more than 9,600 automated teller machines in the New York Cash Exchange (NYCE) system, which operates in 24 states, the District of Columbia and Puerto Rico. In turn, the 17-million customers in the NYCE network will have access to 7,800 Honor ATMs in the Southeast.... NYCE is the nation's largest regional ATM network."