(July 2, 2009) NYCE Payments Network LLC expects to start testing Internet-based debit transactions by the end of the year and to start a commercial service some time next year, says Steven A. Rathgaber, president and chief operating officer of the Secaucus, N.J.-based electronic funds transfer network. The service will rely on single-use debit card technology from Verient Inc., a San Jose, Calif.-based technology company.
A unit of Metavante Corp., NYCE signed an agreement with Verient last fall and had originally expected to get a pilot for the online service, which it calls SafeDebit, under way early this year (Digital Transactions News, Nov. 18, 2008). Rathgaber says technology implementation has gone smoothly, but the network has had to contend with the inevitable complexities regarding pricing and other business arrangements that arise when a number of banks, merchants, and networks must work together. “There’s a lot of parties at the dance,” he notes.
Continue Reading at Digital Transaction News
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