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NYCE

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For the meaning of cotton trading, see New York Cotton Exchange.
NYCE
File:Nyce logo.jpg
Operating areaUnited States
Members2,358
ATMs301,500

The New York Cash 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.

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 USA, Chase Manhattan, Manufacturers Hanover, Chemical Bank, Barclays Bank, Marine Midland Bank and the Bank of New York; in later years both BayBanks 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 BayBanks, and Dennis Lynch of Fleet.

Current Status

At present, NYCE is the primary network of 301,500 ATMs with a customer base of 59.7 million users. NYCE is no longer owned by New York and Boston banks; it is now wholly owned by Metavante Corporation, formerly a subsidiary of M&I Bank. Steven A. Rathgaber is President of NYCE; he has been with the company since it was bank-owned.

See also


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