Real Time Money Transfers
The first account-to-account money transfer service that was conducted in real time through an electronic funds transfer network occurred recently between two credit unions and a bank.
The transactions were initiated at an American Eagle Federal Credit Union automated teller machine in Connecticut, which sent deposits to accounts at WCTA Federal Credit Union in New York and Banknorth, NA in Massachusetts. The transaction was facilitated by NYCE Network. The system used will also accept payments through web, phone or through branches. To send funds, senders need only the receiver's automated teller machine or debit card number (not the personal identification number or expiration date). The transaction is authenticated by the sender's financial institution.
Copyright © 2004 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 14, No. 1, 3/05
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