First Data and Union Bank finalise multi-year debit processing deal
03 June 2014 | 2594 views | 0
Source: First Data
First Data, the global leader in payment technology and services solutions, and Union Bank, N.A., a full-service commercial bank providing a broad mix of financial services to businesses and individuals, today announced the companies recently finalized a multi-year agreement for debit processing, ATM driving, and card fulfillment output services.
Building on the nearly three-decade STAR network relationship with Union Bank, First Data will provide the efficiency, scale and functionality required for the $107.2 billion bank and its nearly one million cardholders while the bank continues to manage its own portfolio.
"For many years we successfully maintained debit processing in-house and now with First Data, we have a trusted partner to help us manage the increasingly complex processing program with the appropriate tools we need so we can focus on growing our business and servicing our customers," said Maha Madain, senior vice president at Union Bank and head of Retail Deposit Products and Payments.
Operating more than 420 retail branches in California, Washington and Oregon, Union Bank has commercial branches in Dallas, Houston, Atlanta, New York and Chicago, as well as two international offices. Among the bank's markets are consumer, small business, middle market, real estate, corporate, correspondent, and trade finance while the bank's commercial clients include communications, media, entertainment, energy, public utilities, retailing, and other specialty industries.
"In an ever-changing debit industry, many financial institutions are evaluating their systems and partners for increased efficiency while looking to maintain control of their program," said Barry McCarthy, president, First Data Financial Services. "Acting as a consultative partner to Union Bank, First Data will deliver scale and functionality that includes upgrades for EMV, fraud management, and analytics capabilities."