The NYCE electronic banking network is changing its corporate moniker.
Known for a year as Infinet Payment Services Inc., the network will now be called NYCE Corp.
Executives at the nation's second-largest electronic banking network said they want to more closely tie their corporate name to their brand identity.
"The NYCE name works not only in New York and New Jersey, but has proven to be very elastic into New England," said Dennis Lynch, chief operating officer and executive vice president of marketing and strategic planning.
"The NYCE brand is very strong and is stretchable into other new services," he asserted.
That brand awareness will be necessary in the coming months as NYCE rolls out a new home banking and bill payment service. The network plans to add electronic bill presentment, through which utilities and other companies deliver bills in an electronic format to consumers.
NYCE also thinks it may be possible to sign contracts with insurance companies so that consumers could buy insurance, file a claim, and check on the status of their coverage through the NYCE switch.
At the same time, NYCE also plans to step up its efforts in attracting processing business from its member banks. The network has contracted with one large bank - Bank of Boston - and hopes to sign others this year.
"I think the decision to become NYCE Corp. is a smart strategic move," said Nikki Waters, senior vice president and director of marketing for California's Star System Inc., the nation's largest electronic banking network.
"The NYCE name has very strong recognition not only with consumers but within the (electronic funds transfer) industry," Ms. Waters said. "As NYCE investigates alliances and partnerships with other EFT organizations, having the brand name and the corporate name the same establishes clarity.
"It needs to be clear that NYCE is NYCE," she added. "It's taken me five years to remember that Southeast Switch is the Honor network."