IBC Bank and Visa sign five year debit card deal
24 January 2008 | 2263 views | 0
Source: IBC Bank
IBC Bank, a member of International Bancshares Corporation, and Visa today announced that the companies have signed a five-year partnership agreement that will result in IBC converting its entire debit portfolio to Visa-branded products.
IBC Bank currently has approximately 450,000 debit cards in market in the United States.
Under terms of the deal, IBC Bank will offer its customers the full range of Visa consumer debit products - Visa check card, Interlink and Plus. IBC Bank also has agreed to switch its processing services to Visa Debit Processing Service (DPS) for all Visa check card, Interlink and Plus transactions.
"Visa offers a range of comprehensive debit capabilities that enable us to provide our customers with more value, convenience and security compared with cash and checks," said Dennis E. Nixon, chairman and CEO of International Bancshares Corporation. "The integration of Visa's unique processing capabilities also offers IBC greater business benefits and efficiencies, which were key factors in our decision to select Visa."
"IBC's decision to offer Visa's full suite of debit products and utilize our processing services speaks to the value our fully integrated debit program brings to financial institutions and their customers," said Stacey Pinkerd, head of global consumer debit products, Visa Inc. "We look forward to working closely with IBC to develop payment solutions suited to the distinct characteristics of their debit portfolio and business objectives."
The companies anticipate IBC Bank will begin converting to Visa's Debit Processing Service and reissue the bank's portfolio of debit products later this year.