SOURCE: Metavante Corporation

April 20, 2005 08:00 ET

Municipal Credit Union Introduces Real-Time, Account-to-Account Money Transfers Through NYCE Network

NEW YORK, NY and MONTVALE, NJ -- (MARKET WIRE) -- April 20, 2005 -- Municipal Credit Union (MCU), one of the oldest and largest credit unions in the nation, and NYCE Corporation (NYCE), a Metavante company and leading U.S. debit-card payments network, today announced that MCU will introduce NYCE's new real-time, account-to-account (A2A) money transfer service to MCU's 300,000 members. MCU is the first financial institution to support NYCE A2A across multiple customer delivery channels -- beginning last year with kiosks, today with online banking, and ATMs later this year.

"MCU's mission has always been to provide our members with competitive products and excellent service, and we believe that NYCE A2A funds transfers are a perfect fit with that commitment," said Carole Gonzalez, MCU senior vice president, chief of staff. "Our focus has always been on ways to provide both high tech and high touch services that offer safety, speed and convenience, and we think that NYCE A2A will be a good addition to our service mix."

To transfer funds using A2A processed on the NYCE network, the sender needs the receiver's ATM/debit card number. A2A requires both the sender and the receiver to hold accounts with financial institutions affiliated with the NYCE Network. For security reasons the receiver's PIN and expiration date are never required.

"MCU was one of NYCE's first members and has been a participant in NYCE for over 20 years. We value its service quality, technological innovation and overall reliability," said Janet Perkins, MCU vice president, Management Information Systems. "When we began to evaluate the emergence of A2A transfers and how it could fit with what we do for our members, NYCE A2A stood out because of its ease of integration, added member benefits and NYCE's 20-year record of outstanding performance."

"With nearly 98 percent of NYCE financial institution clients certified to receive A2A real-time money transfers, MCU members may send funds in real time to other cardholders at more than 2,000 FIs participating in the NYCE Network," said Steve Rathgaber, NYCE president and chief operating officer. "MCU is embracing a holistic, integrated approach that underscores its forward-looking strategy and takes A2A across multiple delivery channels to ultimately give their members a broad range of choice and convenience."

About Municipal Credit Union

Municipal Credit Union, which serves New York City employees, New York State and Federal employees working in the five boroughs as well as education and health care professionals, is one of America's oldest and largest credit unions. Founded in 1916 with 19 members with $570 in combined shares, MCU today has over 300,000 members, assets exceeding $1.2 billion, and branches in all five New York City boroughs as well as Yonkers and Elmont, New York. MCU can be found on the web at www.nymcu.org.

About NYCE

At the forefront of electronic payments in the United States, NYCE Corporation provides consumers with secure, real-time account access, 100 million times each month. The NYCE Network provides 2,100 financial institutions, retailers and independent ATM deployers with shared network services for ATMs, POS, A2A transfers and direct bill payment for millions of consumers across the United States and Canada. Beyond its core service of providing the convenience of personal identification number (PIN) debit account access at ATMs and retailer point-of-sale (POS) terminals, NYCE continues to lead in the development of new electronic payment services to enhance consumer convenience and expand service offerings by its participants. In addition, NYCE Corporation provides ATM driving and fully automated monitoring services, gateway services, on and off-line signature debit card processing, and card authorization solutions. A Metavante company, NYCE Corporation is headquartered in Montvale, N.J. For more information, see www.nyce.net. Metavante Corporation (www.metavante.com) delivers banking and payment technologies to financial services firms and businesses worldwide and is the financial technology subsidiary of Marshall & Ilsley Corporation (NYSE: MI).

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