February 01, 2012 08:30 AM Eastern Time
KeyBank Signs a new Multi-Year Contract, Adds PIN Capability and Employs MasterCard IPS Debit and Prepaid Processing PlatformPURCHASE, N.Y.--()--MasterCard today announced a new multi-year contract with KeyBank to deliver industry-leading debit payment solutions and processing capabilities.
“For more than a decade, we have worked with KeyBank to develop meaningful ways to empower cardholders in their daily financial activities”
As a result, Key will continue to provide its consumer and business customers with a safe, simple and secure experience every time they use their debit card online, in stores or at the ATM.
KeyBank’s Debit MasterCard program will add the capability for PIN transactions to the long-standing signature purchases and ATM withdrawal functionalities. Under the agreement, KeyBank will implement the world-class debit and prepaid transaction processing capabilities of MasterCard Integrated Processing Solutions® (IPS).
“We’re pleased to continue our long-standing-relationship with MasterCard,” said Bill Koehler, president of Key Community Bank. “The changing dynamics of the payments and debit card space today require new thinking and strategic innovation. Our partnership with MasterCard will allow us to deliver debit and processing solutions that meet the needs of our clients.”
MasterCard IPS is a leading-edge debit and prepaid processing platform that offers a complete processing solution to create differentiated products and services and quickly expand payments portfolios across business channels efficiently and with minimal infrastructure investment. The platform provides a complete range of processing services for signature and PIN debit, as well as ATM and global prepaid.
“For more than a decade, we have worked with KeyBank to develop meaningful ways to empower cardholders in their daily financial activities,” said Chris McWilton, president, U.S. Markets, MasterCard. “By expanding our relationship, KeyBank has added a flexible foundation to serve the many needs of its cardholders for years to come.”
KeyBank and MasterCard have been partners since 1997, offering cardholders a range of MasterCard-branded card options, including KeyBank Gold Debit MasterCard®, Rewards Debit MasterCard®, and World Debit™ MasterCard® cards.
About KeyCorp
KeyCorp was organized more than 160 years ago and is headquartered in Cleveland, Ohio. One of the nation’s largest bank-based financial services companies, Key has assets of approximately $89 billion.
Key provides deposit, lending, cash management and investment services to individuals and small businesses in 14 states under the name of KeyBank N.A. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name.