First Data Corporation today announced that its Star Network has signed a multi-year agreement with top-ten debit card issuer SunTrust Banks Inc. to provide PIN-secured debit point-of-sale (POS) and ATM access to its cardholders.
Atlanta-based SunTrust is one of the largest banks in the United States, with approximately 1,700 retail branches and 2,800 ATMs across the Southeast and Mid-Atlantic. STAR is one of the nation's leading electronic funds transfer networks with more than two million retail and ATM locations.
"Our choice of PIN debit network was based on a client-centric approach to decision-making and required an exhaustive evaluation of the leading providers in the market," said Steve Karp, senior vice president, Enterprise Payments Strategy, for SunTrust. "Throughout that process, STAR demonstrated to SunTrust its unwavering focus on creating value for their members, bringing best-in-class innovation to the market, and leveraging their talented and committed senior leadership team. We believe we've selected the best network and long-term partner."
"This is a huge win for us," said Kevin Barry, general manager for the STAR Network. "Our new relationship with SunTrust is a validation of our commitment to lead the industry with superior customer service and the most innovative products. SunTrust's progressive view of payments will be a great match for STAR and our members."
First Data provides signature debit and credit card processing and production to SunTrust, as well as merchant processing services to the bank's business and commercial customers. Through the merchant processing alliance, SunTrust can offer a full suite of electronic payment products and services including credit, debit, check, and gift card programs to its business customers throughout the Southeastern United States.
Terms of the agreement remain confidential.