CHICAGO, IL, September 22, 2003 – Moneris Solutions, one of North America’s largest electronic transaction processors today announced that First Midwest, Illinois’ largest independent bank, has once again selected Moneris Solutions for credit and debit card processing.
Under the agreement, First Midwest will deliver Moneris’ credit card processing solutions to their commercial customers. Moneris will work closely with First Midwest to maintain and grow First Midwest’s merchant portfolio by establishing and achieving annual processing volume and income goals. First Midwest, a Moneris customer for more than six years, elected to renew its agreement with Moneris Solutions to help aggressively grow the Bank’s merchant portfolio.
First Midwest participates in Moneris’ Agent Bank program, which allows banking companies 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.
“Our renewal agreement with Illinois’ largest independent bank highlights Moneris’ strength in the agent bank market and further differentiates us in the competitive processing sector,” said Larry C. Wine, president of Moneris Solutions, U.S. Group. “We’ve enjoyed a long business relationship with First Midwest and look forward to collaborating with First Midwest to more aggressively grow their merchant portfolio. The merchant business is becoming an increasingly important part of a banks competitive edge and a robust merchant processing product allows banks to establish and maintain relationships with existing and new customers.”
About Moneris Solutions
Moneris Solutions (www.monerischargeit.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 202-296-2002 x103 mcheney@environics-usa.com |