MasterCard said the deal will enable KeyBank to continue to provide its business customers with secure experience while they use their debit card online, in stores or at the ATM.
As per the agreement, KeyBank will undertake the debit and prepaid transaction processing activities of MasterCard integrated processing solutions (IPS).
KeyBank’s Debit MasterCard programme will add the capability for PIN transactions to the long-standing signature purchases and ATM withdrawal functionalities.
Key Community Bank president Bill Koehler said that the changing dynamics of the payments and debit card space today require new thinking and strategic innovation.
"Our partnership with MasterCard will allow us to deliver debit and processing solutions that meet the needs of our clients," added Koehler.
MasterCard IPS is a debit and prepaid processing platform that offers processing technology to create differentiated products and services and expand payment portfolios across business channels.
The platform provides a complete range of processing services for signature and PIN debit, as well as ATM and global prepaid.
