MORRIS PLAINS, N.J. - The electronic commerce division of Electronic Data Systems Corp. has been selected by two banks for electronic funds transfer processing.
State Street Boston Corp., one of New England's largest commercial banks, with $16.5 billion in assets, and its subsidiary State Street Bank and Trust Co. will use EDS to process the bank's national debit card issuance program, which includes more than 100,000 Visa Check cards and MasterCard MasterMoney cards.
Virginia Beach Federal Savings Bank selected EDS as the new processor for its growing automated teller machine and debit card programs. Last year, the bank signed with EDS for data processing and advanced information services.
Under terms of the agreement, EDS will provide Virginia Beach Federal with a full range of ATM and debit card services, including ATM terminal driving, on-line authorization, and gateway access to 10 national and regional networks.
EDS will also support the bank's plans to expand its terminal base and begin deploying ATMs in retail locations.