Metavante (NYSE:MV), a leading provider of banking and payments technology, today announced that Navy Federal Credit Union has executed an early renewal of its merchant bankcard processing services agreement with Metavante Corporation.
With over 3 million members and $40 billion in assets, Navy Federal is the world's largest credit union.
Extending its existing relationship, Navy Federal will continue using Metavante Merchant Services to offer credit and debit card payment acceptance services. Navy Federal's Small Business Services specializes in meeting the unique needs of small business owners who are Department of Defense employees - active duty, retired and civilian - as well as their families.
"Metavante understands the challenges entrepreneurs face, and provides members with a level of service they need to succeed," said James Salmon, vice president, Navy Federal Business Services. "Executing an early renewal with Metavante speaks to its demonstrated payments expertise and ability to align our strategic goals to the market Navy Federal serves."
"An important key to being able to extend our agreement with Navy Federal was Metavante's commitment to the institution's small business target market, as well as our ability to deliver outstanding and consistent support services wherever Navy Federal does business," said Frank D'Angelo, president, Metavante Payment Solutions Group. "With the credit union's potential membership pool now greatly expanded to include Army and Air Force personnel, continuing this relationship creates compelling growth opportunities for both Metavante and Navy Federal."
Also within the Metavante payments suite, Metavante provides Navy Federal with check imaging and customer communications solutions.