FIS (FIS), the world's largest provider of banking and payments technology, today announced that Cleveland-based KeyBank has selected it to provide a full front-to-back prepaid solution that will enable the bank to create a new payments channel for its business and public sector clients.
The multi-year agreement – which will include transaction processing, integrated voice response for customer care and card fulfillment – will offer KeyBank's clients a way to improve customer satisfaction and efficiencies by making funds more easily available to their customers.
"KeyBank sought a suite of prepaid-based payment product offerings that delivered benefits to its customers," said Anthony Jabbour, EVP, North American Financial Institutions, FIS. "Our longstanding relationship with KeyBank allowed us the ability to analyze their entire payment landscape and provide customized solutions aligned with their commercial payments strategy."
That strategy is relationship-based, allowing KeyBank to be a strategic advisor for the payment needs of its customers and clients. The unique nature of open-loop, reloadable prepaid cards aligns perfectly with this approach by giving card beneficiaries easy access to funds, while creating new efficiencies for corporate and public sector clients – particularly those migrating from paper-based processes.
"Our existing strategic relationship with FIS and their proven strengths as a prepaid solution provider were major factors for us when selecting FIS," said Brandon Nowac, Product Manager, Commercial Prepaid Cards, Enterprise Commercial Payments at KeyBank. "This new partnership allows us to expand our focus on relationship banking, reaching customers in ways that fit their needs, and better positions us to meet the needs of public sector clients who are looking for ways to cut costs while assisting beneficiaries. This is another example of how well KeyBank and FIS work together to service our clients."
FIS is the world's largest prepaid processor, processing more than 775 million transactions annually, across more than 36 countries and 14 currencies.