Electronic transaction provider Keycorp has signed a six-year agreement to provide managed payment services for the Bank of Queensland's entire fleet of eftpos terminals.
Under the agreement, which is expected to generate AS$14.4 million annually for Sydney-based Keycorp, the company will acquire all of Bank of Queensland’s eftpos terminals around Australia. The existing devices will be replaced with new terminals and software which the company will support, allowing Bank of Queensland to focus on its core banking business.
Keycorp plans to expand the range of payments products and services available to its merchant customers throughout Australia. The agreement is the second major managed payment services contract for Keycorp and follows the AS$100 million five-year managed terminal agreement with Westpac announced in mid-2004.
Keycorp CEO, Bruce Thompson, said: By taking over the task of managing the Bank of Queensland’s terminals, Keycorp can allow the bank to concentrate on what it does best – serve its banking customers.
Bank of Queensland managing director, David Liddy, said: Importantly, Bank of Queensland’s merchant terminals will now have the technological base to offer innovative customer offerings in the future. They are another weapon in our arsenal for providing exceptional service to Australia’s small and medium businesses.