IBC Bank, Visa Sign Debit Partnership Agreement
IBC Bank, a member of International Bancshares Corporation, and Visa Inc. have announced signing a five-year partnership agreement that will result in IBC converting its entire debit portfolio of 450,000 debit cards in the United States to Visa-branded products as well as using the Visa Debit Processing Service (DPS) for debit card processing.
Under terms of the deal, IBC Bank will offer its customers the full range of Visa consumer debit products – Visa check card, Interlink and Plus. IBC Bank also has agreed to switch its processing services to Visa Debit Processing Service (DPS) for all Visa check card, Interlink and Plus transactions.
“Visa offers a range of comprehensive debit capabilities that enable us to provide our customers with more value, convenience and security compared with cash and checks,” said Dennis E. Nixon, chairman and CEO of International Bancshares Corporation. “The integration of Visa’s unique processing capabilities also offers IBC greater business benefits and efficiencies, which were key factors in our decision to select Visa.”
“IBC’s decision to offer Visa’s full suite of debit products and utilize our processing services speaks to the value our fully integrated debit program brings to financial institutions and their customers,” said Stacey Pinkerd, head of global consumer debit products, Visa Inc. “We look forward to working closely with IBC to develop payment solutions suited to the distinct characteristics of their debit portfolio and business objectives.”
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