âFourteen months after NYCE and Acxsys Corporation launched Canadian Cross-Border Debit, we reached a million transactions. In roughly the same period of time, we reached the same mark twice over,â said Steve Rathgaber, NYCE president and chief operating officer. âFor U.S. retailers, this translates into 3 million Canadian Cross-Border transactions delivering incremental gain and generally lower transaction costs compared to the credit cards Canadians might otherwise have used at supermarkets, gas stations, discount retailers and specialty clothing stores.â
Since the launch of Canadian Cross-Border Debit, Canadian cardholdersâ average transaction amount on the NYCE Network has outpaced the U.S. figure by 34 percent. This has helped deliver additional purchase value to retailers, while also generally reducing payment expenses compared with credit cards. While the U.S. figure averages $47 USD per purchase, the Canadian average sits ahead at $63 USD.
NYCE is the first, and still the only, U.S. payments network to enable widespread PIN debit access at the point of sale for purchases initiated with debit cards issued by participating Canadian financial institutions. Through NYCE, Canadians can make PIN debit purchases at more than 1.5 million U.S. retailer locations participating in the NYCE Network.
Added Rathgaber: âWith Canadian Cross-Border Debit, NYCE reinforces its value to retailers as an essential payments network partner. Only NYCE is delivering the added value and incremental gain of Canadian PIN debit transactions in meaningful volumes to U.S. retailers.â
Though California, New York, Florida, Washington State, Michigan and Maine have seen the greatest transaction volumes from the service, all 50 states and U.S. territories have hosted Canadian Cross-Border Debit transactions. Supermarkets, discount retailers, gas stations and clothing stores have benefitted the most by gaining real-time access to funds on deposit in Canada through NYCE Network participation.
In 2004, NYCE launched Cross-Border Debit as an alliance with Acxsys Corporation, architect of the Interac national PIN debit services in Canada, and major Canadian financial institutions to open U.S. retailers to Canadian shoppers and their PIN debit cards for the first time on a widespread basis. Participating Canadian financial instutitions include: ATB Financial, Desjardins Group, National Bank of Canada, RBC Royal Bank, Scotiabank and TD Canada Trust.