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The evolution of EFT networks from ATMs to new on-line debit payment products

Author

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  • Stanley J. Sienkiewicz

Abstract

On June 15, 2001, the Payment Cards Center of the Federal Reserve Bank of Philadelphia sponsored a workshop on the evolution of the electronic funds transfer (EFT) industry. Paul Tomasofsky and Bruce Sussman of NYCE, the New Jersey-based electronic payments company, led the workshop. Beginning with a brief history of EFT and the automated teller machine (ATM) industry, Tomasofsky and Sussman discussed the growth of debit card applications and various Internet payment mechanisms. They then described NYCE's new payment product, SafeDebit,TM which is designed to address security issues in making payments over the Internet. This paper provides highlights from the NYCE presentation and the ensuing discussion, complemented by additional background research on the structure and evolution of debit cards.

Suggested Citation

  • Stanley J. Sienkiewicz, 2002. "The evolution of EFT networks from ATMs to new on-line debit payment products," Consumer Finance Institute discussion papers 02-04, Federal Reserve Bank of Philadelphia.
    • Handle: RePEc:fip:fedpdp:02-04
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    File URL: https://www.philadelphiafed.org/-/media/frbp/assets/consumer-finance/discussion-papers/EFTNetworks_042002.pdf
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    Cited by:

    1. Batiz-Lazo, Bernardo, 2007. "Emergence and Evolution of Proprietary ATM Networks in the UK, 1967-2000," MPRA Paper 3689, University Library of Munich, Germany.
    2. Snellman, Heli, 2006. "Automated teller machine network market structure and cash usage," Scientific Monographs, Bank of Finland, number 2006_038.
    3. repec:zbw:bofism:2006_038 is not listed on IDEAS

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