Business Services Industry
KeyCorp Adds the MoneyPass Network to Its Growing Agent Bank ATM Program
Business Wire, May 31, 2005
IRVING, Texas & CLEVELAND -- Genpass, Inc., manager of the MoneyPass EFT Network, the nation's fastest-growing surcharge-free network and second largest automated teller machine (ATM) driver in the U.S., and KeyCorp, one of the nation's largest financial institutions, jointly announced today that Key will offer its Agent Bank clients the option of including MoneyPass ATMs as part of their surcharge-free access. This now gives Key's Agent Bank clients the opportunity to provide their cardholders with access to an additional 12,000 ATMs through the MoneyPass network.
Through Key's Agent Bank program, financial services companies provide their customers and members surcharge-free or surcharge-reduced access to Key's ATM network without the significant financial and labor investment required to build, operate and maintain their own individual systems. Institutions can access any or all of Key's network of 2,200 ATMs. The MoneyPass network will now become a part of Key's ATM sales network and will be available to any new or existing agent bank institution choosing to add the service to its program.
Key's relationship with Genpass offers the MoneyPass network in a non-reciprocal manner. That is, Key's current and future Agent Bank clients are not required to add their ATMs to the MoneyPass network and customers who bank with Key do not gain surcharge-free access to MoneyPass ATMs.
"The goal of Key's Agent Bank program is to bring added value to the cardholders of community banks and credit unions by providing a broad range of premier services," stated Brian Sismour, National Sales Manager, Key Consumer Payment Sales. "MoneyPass allows us to expand the services we provide to members nationwide. When we reviewed the range of alternatives, there was no doubt that MoneyPass, with its business proposition and network reliability, was the right choice."
"We are excited to provide Key's Agent Bank clients access to the MoneyPass Network," stated Douglas D. Anderson, President of the MoneyPass surcharge-free ATM network. "When the Key program is added to recent additions like Credit Union 24, the Illinois Credit Union League, and others, it confirms the status of MoneyPass as the fastest-growing surcharge-free network and its related value proposition to both Issuers and Acquirers."
About Genpass Inc.
Genpass, Inc., manager and operator of the MoneyPass(R), EFT network through its Irving, Texas-based subsidiary Genpass Technologies(R), LLC, is also a leading provider of EFT Services. Genpass Technologies, which drives ATMs and processes cards in all 50 states, is listed in ATM and Debit Card News (July 25, 2003) as the second largest third party ATM driver in the U.S. and in The EFT Data Book (2003 edition) as one of the largest transaction processors in the U.S., driving approximately 31,000 ATMs located throughout the country. Genpass processes over 360 million transactions annually. Genpass is the only top processor to offer a vertically integrated product suite that includes every aspect of ATM driving, transaction processing, debit card and specialty card services, plus ATM maintenance and service from a single source. For more information, visit www.Genpass.com or www.MoneyPass.com.
About Key Bank
Cleveland-based KeyCorp (NYSE:KEY) is one of the nation's largest bank- based financial services companies, with assets of approximately $90 billion. Key companies provide investment management, retail and commercial banking, consumer finance, and investment banking products and services to individuals and companies throughout the United States and, for certain businesses, internationally. For more information on Key's Agent Bank Program, visit www.Key.com/agentbank
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