CLEVELAND, Ohio -- KeyBank, a subsidiary of KeyCorp (NYSE: KEY), has entered into an agreement with MasterCard International to provide debit card processing services to small financial institutions that issue MasterCard-branded cards.
Participating institutions would gain the ability to provide their customers debit card access to Key's nationwide network of 2,500 ATMs.
Key is focusing on financial institutions that have limited or no access to a network of ATMs, or would like to avoid the expense of building the infrastructure needed to process debit card activity.
"It's a three-way win," said Patrick J. Swanick, president and CEO 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; MasterCard issues a significant number of new debit cards; and Key brings on board new sources of non-interest revenue generation."
Ruth Ann Marshall, president, North America Region for MasterCard, said, "Key's already established 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."
In addition to debit-card processing, Key is developing a suite of additional services for third-party financial clients. They are expected to roll out early next year, Swanick said.
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