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First Data has majority interest in NYCE

DENVER - First Data Corporation, an e-commerce and payment service provider, has acquired majority interest in NYCE Corp., a leading electronic payments organization and the owner of the NYCE electronic funds transfer network. With the 60-65% equity in NYCE Corp., First Data will build on its current debit business. Once...

By Staff Writer | Updated on June 26, 2001

DENVER – First Data Corporation, an e-commerce and payment service provider, has acquired majority interest in NYCE Corp., a leading electronic payments organization and the owner of the NYCE electronic funds transfer network. With the 60-65% equity in NYCE Corp., First Data will build on its current debit business. Once completed First Data will be connected to over one billion online debit point-of-sale transactions annually. NYCE, which services 48 million cardholders through 44,000 ATMs and 270,000 point-of-sale locations, will continue as a separate entity. The transaction is expected to close during the second half of 2001. Four of the current NYCE shareholders- Citibank, FleetBoston Financial, HSBC Bank, Inc and J.P. Morgan Chase & Co. -will continue as equity partners. “This transaction will accelerate our opportunities in the emerging but fast -growing online, POS debit market,” said First Data Corp President/COO Charles T. Fote. Dennis F. Lynch will remain President/CEO of NYCE.

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