Keycorp in $11 million payment services deal with First Data Resources

Stan Beer
Wednesday, 30 May 2007 07:18

IT Industry - Deals

Secure electronic transaction solutions provider Keycorp Limited (ASX:KYC) has signed a managed payment services deal to provide EFTPOS terminals and maintenance services to First Data Resources Australia.

As part of the agreement, First Data’s existing EFTPOS terminals will be replaced, over time, with new terminals and software. Keycorp will manage, support, and assist First Data to grow the fleet of terminals as well as maintaining some existing terminal systems. In addition, Keycorp will provide First Data with a merchant support helpdesk.

The agreement is expected to generate $11 million over five years for Keycorp. It is Keycorp’s third major managed payment services contract and follows multi-year agreements with Westpac and Bank of Queensland.

Dr Ken Carr, CEO, Keycorp, said, “Keycorp’s deal with First Data continues to confirm our strategy of transitioning our business into a payments solutions provider. By taking over the task of managing terminals, Keycorp and First Data will work together to provide the best in electronic commerce and payment solutions for businesses across Australia.”

“We are delighted to work with Keycorp for this service given its experience with payment devices and associated fleet management,” said Peter Wright, Managing Director, First Data Australia and New Zealand. “First Data is constantly looking for ways to improve services to our merchant customers. This agreement allows us to concentrate on our core competencies and let Keycorp, an expert in its field, manage our fleet of EFTPOS terminals.”