CLEVELAND - KeyCorp has signed a deal with MasterCard International to provide MasterCard-branded debit card processing services to financial institutions.
The company's KeyBank subsidiary offers banks, savings and loans, and other financial institutions debit card access to KeyCorp's nationwide network of 2,500 automatic teller machines. The services are aimed at financial institutions that have limited or no access to a network of ATMs, or want to avoid the expense of building the infrastructure to process debit card transactions themselves.
"We are pleased to be able to offer other financial institutions an alternative to building and maintaining their own capital-intensive debit card system and ATM network," said Patrick J. Swanick, president and chief executive officer of Key Electronic Services.
"Our new clients can now offer their customers the convenience of debit cards and ATM products and services at reasonable start-up costs," Mr. Swanick said. "MasterCard issues a significant number of new debit cards, and Key brings on board new sources of noninterest revenue generation."
Ruth Ann Marshall, MasterCard's president of the North America region, said, "Key's ATM network and experience in processing make it a natural fit for MasterCard. Customers will also benefit from access to Key's ATM network for debit card transactions." Mr. Swanick said Key is developing a suite of additional services for third-party financial clients, which it expects to roll out next year.