National City and Visa Announce New Multi-Year Brand Agreement and Expanded Debit Relationship
Visa to Provide Full Range of Payment Services Including Expanded Debit Platforms and Processing Services
SAN FRANCISCO--(BUSINESS WIRE)--Sept. 15, 2008--National City (NYSE: NCC) and Visa Inc. (NYSE: V) today announced a renewed and expanded brand agreement through which National City will continue to provide its customers with Visa consumer and commercial credit and check card products, while adding Visa Interlink and PLUS as the bank's primary PIN debit and ATM networks.
As part of the new agreement, National City also will transition to Visa Debit Processing Service, which provides single-point access to global Visa payment products and services, and real time risk analysis on every online transaction including purchases and ATM transactions.
"This agreement provides banking services that bring innovative products and enhanced convenience and security for our customers, which are key to the ongoing success of our business," said Dan Frate, Vice Chairman, National City. "We have enjoyed a long standing tradition of debit and credit service from Visa and are now looking forward to expanding our relationship to include a wide-ranging debit payment platform and processing services that we believe will deliver added value to our customers."
Frate added, "This new association will allow us to grow our card business and continue our goal of becoming the payment engine for our customers. Serving as our customer's primary payment processor is the essential component of our business strategy, both in consumer and commercial banking."
"National City's choice to add Visa's complete array of consumer debit products and utilize our debit processing services underscores the breadth and value of our integrated debit program for financial institutions and their customers," said Bill Sheedy, President, North America, Visa Inc. "The opportunity in debit is significant, as consumers increasingly turn to ready funds for everyday purchases. We will continue to work closely with National City to develop payment solutions that best meet the unique needs of its customers and help the bank to meet its business goals."
About Visa Inc.
Visa Inc. operates the world's largest retail electronic payments network providing processing services and payment product platforms. This includes consumer credit, debit, prepaid and commercial payments, which are offered under the Visa, Visa Electron, Interlink and PLUS brands. Visa enjoys unsurpassed acceptance around the world, and Visa/PLUS is one of the world's largest global ATM networks, offering cash access in local currency in more than 170 countries. For more information, visit www.corporate.visa.com
About National City
National City Corporation (NYSE: NCC), headquartered in Cleveland, Ohio, is one of the nation's largest financial holding companies. The company operates through an extensive banking network primarily in Ohio, Florida, Illinois, Indiana, Kentucky, Michigan, Missouri, Pennsylvania and Wisconsin, and also serves customers in selected markets nationally. Its core businesses include commercial and retail banking, mortgage financing and servicing, consumer finance and asset management. For more information about National City, visit the company's Web site at www.nationalcity.com.
CONTACT: Visa Inc.
Jennifer Doidge, 415-932-2564
SOURCE: Visa Inc.