An alliance between Acxsys Corporation, major Canadian financial institutions and NYCE Corporation, a leading U.S. debit card-processing network, makes the service possible. The new cross-border service is now live, with the first PIN-debit by a Canadian consumer occurring at a Dean & DeLuca’s location in Charlotte, N.C. Now, Canadian debit cardholders no longer have to make a separate trip to an automated teller machine (ATM) to get cash or convert Canadian dollars before shopping in the United States. U.S. retailers will benefit by gaining on-line, real-time access to funds on deposit in Canada – through the NYCE Network PIN point-of-sale service. RBC Royal Bank is the first major financial institution to offer the service to its cardholders; Scotiabank, TD Canada Trust, National Bank of Canada and Desjardins Group will follow in the coming weeks. Canadian cardholders use their debit cards in the U.S. the same way they do in Canada: the payment terminal or PIN pad will prompt the cardholder to confirm the transaction, enter the personal identification number (PIN) and press OK. As long as funds are available and the PIN entered is correct, the transaction will be approved within moments. Cardholders should retain their receipts, which will list the purchase amount in U.S. dollars; the amount debited to their accounts will appear on routine monthly statements in Canadian dollars. Behind the scenes, the following occurs: The transaction travels through the NYCE network into a Canadian Gateway designed and managed by CGI - IT specialists - and then into the Canadian Interac network. From there, it will flow into the cardholders financial institution, which will authorize or decline the transaction. The transaction then flows back the other way to the retailer’s POS terminal.
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