September 16, 2003

Participating credit unions to save in excess of 40% on transaction switching services

TORONTO, Sept. 16 /CNW/ - Credit Union Central of Canada and Everlink Payment Services Inc. today announced that they have signed an exclusive, five year transaction switching services agreement. Everlink, a leading-edge Canadian-based electronic transaction switching (ETS) company will provide exclusive processing of Interac transactions and access to CIRRUS, Maestro, MasterCard, PLUS and ACCULINK the credit union system's proprietary network. Over the term of the agreement, participating credit unions can expect to save in the range of 40% on transaction switching services.

The main highlights of the agreement include:

• Simplified pricing model where the transaction switch fees are tiered to transaction volumes.
• Centralized switching environment, simplified management, reporting & settlement.
• Two pricing models that provide options for credit union participation.
• Near real-time disaster recovery back-up.

Jim Hackett, COO of Credit Union Central of Canada, says, "We are excited to be partnering with this new organization as they bring an innovative approach to conducting business and have a strong understanding of, and commitment to, the credit union system in Canada."

"The simplified pricing model has transaction switch fees tiered to the transaction volume that provides for growth incentive and the two pricing models available are attractive options for credit union participation," Hackett added.

"As a new company, we are extremely pleased that Credit Union Central of Canada recognizes the value of Everlink's service offerings," says Bas Wheeler, President of Everlink Services. "Our company uses the twin principles of simplicity and inclusiveness to build our product and service portfolio, since we believe every financial institution deserves a service-rich, cost-effective ETS."

Canadian Central will be issuing a detailed newsletter to the system outlining the implications of the contract and next steps for credit unions. About Credit Union Central of Canada

With over $68 billion in assets, 617 affiliated credit unions and caisses populaires, and 4.6 million members, Canada's credit union system is a vital competitor in the financial services industry. Credit Union Central of Canada ("Canadian Central") functions as the system's national trade association and central finance facility. The credit union system is a three-tier structure of local, provincial and national organizations. Local credit unions operate autonomously and are the primary shareholder members of provincial Centrals, which are in turn the primary shareholder members of Canadian Central. For more information about Canada's credit unions, see www.cucentral.ca.

About Everlink Payment Services Inc

Everlink Services was formed in 2003 and is owned by NYCE Corporation and Celero Solutions. The mandate of Everlink is to establish leading-edge electronic transaction switching (ETS) services in the Canadian market by leveraging the strengths of its parent companies. Everlink is an adaptable company and is architected to have a scalable processing environment, which can accommodate the needs of institutions of all sizes. Everlink also provides its customers with a financial institution-centric approach to payments and a cost-effective transaction fee service. In essence, Everlink is an electronic funds transaction (EFT) processor, with leading-edge technology and infrastructure that provides the Canadian market with a full range of EFT services at competitive pricing. When you hear the name Everlink Payment Services, think of a company that is MORE FOCUSED and MORE DETERMINED to deliver MORE VALUE.