NYCE teams with CertaPay to enable account-to-account (A2A) payments between financial institutions Posted on Wednesday, June 19 @ 13:24:09 EDT
NYCE Corporation and CertaPay Inc. announced an arrangement enabling adoption of Web-based, account-to-account (A2A) payments among NYCE Network financial institution participants.
Under the arrangement, a NYCE Network financial institution will be able to use CertaPay's brandable, front-end money transfer solution with NYCE's real- time payments processing infrastructure.
With CertaPay's Universal Funds Transfer Platform, financial institutions can integrate real-time money transfer functionality into their existing Internet banking channel. The platform provides front-end A2A functionality with no disruption to the branding and security of financial institutions' existing services. This functionality enables cardholders to transfer funds from one federally-insured depository account to another.
Because of NYCE's real-time processing, NYCE Network financial institutions will be able to provide their A2A recipients with immediate access to the transferred funds. Recipients who do not bank at a NYCE-participating institution can visit a secure CertaPay site, where they can specify the banking account into which to deposit the funds. (In this case, the funds are transferred via existing payment channels, such as ACH, which may take a few days for final settlement