CHICAGO, IL, June 9, 2003 – Moneris Solutions, one of North America’s largest electronic transaction processors, and Devon Bank, a Chicago-based independent community bank, today announced another multi-year renewal agreement to extend their 20-year relationship.
Under the agreement, Devon Bank will continue its relationship with Moneris Solutions to offer Moneris’ credit card processing services to their business customers. Moneris Solutions and Devon Bank will continue to work together to establish and achieve annual processing volume and income goals, including expanding merchant processing services through Devon’s existing business customer base.
Devon Bank came to Moneris (formerly Harris Bank Merchant Services) in 1982 with approximately 30 merchants and very little credit card processing volume. Devon Bank has continued to maintain and grow its customer base and today the bank has 226 merchants.
“Moneris has played an integral role for more than two decades in helping grow our processing business and related profit stream,” said Irving Loundy, first vice president, Devon Bank.
“Delivering merchant acquiring services is vital to our strategy for attracting business customers. However, the merchant acquiring business is very competitive and it is often difficult for banks to maintain long relationships with their processing customers. Devon Bank has been successful in establishing long-term relationships with our existing merchant customers and this is in large part due to our relationship with Moneris. The Moneris team provides the support, dedication and service that no other competitor can match, including training on their products, offering advice on selling merchant services, and serving as our credit card experts,” Loundy said.
Devon Bank participates in Moneris’ Agent Bank program which allows community banks to offer merchant services to its business customers. Moneris delivers advanced point-of-sale technologies and allows banks to maintain control over their credit card processing services while outsourcing the backroom functions, including settlement, clearing and statement generation.
“We help our customers fulfill the needs of their end clients,” said Larry C. Wine, president of Moneris Solutions, U.S. Group. “Our two decade relationship with Devon demonstrates our commitment to developing the unique solutions our customers demand. Devon is known for delivering a high level of service to their customers. Moneris helps maintain that level of service and achieve Devon’s business and customer service goals.”
About Devon Bank
Devon Bank is a locally owned community bank that has been serving Chicago’s north side and suburban communities for over 58 years. For most of its history the Loundy family has owned and operated the bank. Today Richard Loundy is the second generation of the Loundy family to serve as chairman. Other family members include Irving Loundy, first vice president, and Daniel and David Loundy, vice president information technology and corporation counsel respectively who are members of the third generation of the family. Headquarted on Chicago’s north side at 6445 N. Western Avenue, Devon Bank has assets of over $250 million. Other locations are Niles and Rolling Meadows (in Wal-Mart), Deerfield / Northbrook, and Glenview.
About Moneris Solutions
Moneris Solutions ( www.monerisusa.com) has a 30-year history as one of North America’s largest electronic transaction processors, delivering advanced payment card processing capabilities through point-of-sale hardware, payment processing software, e-commerce solutions and a gift and loyalty program. Moneris provides transaction-processing services nationwide through numerous agent banks and serves the small to medium-sized business market through direct sales and strategic partnerships. A joint investment of the Royal Bank of Canada and the Bank of Montreal, which have assets in excess of $700 billion, Moneris Solutions serves more than 330,000 North American merchant locations and has a staff of over 1,100 employees. U.S. headquarters are located outside of Chicago, IL.
| Marcie Cheney Environics Communications 202-296-2002 x103 mcheney@environics-usa.com |