Macon-Atlanta State Bank today announced it has signed an agreement with electronic commerce and payments leader First Data Corp. (NYSE: FDC) to provide STAR(R) Network access for its cardholders, and has named the STAR Network as its primary ATM network. The bank has also adopted fraud prevention services from First Data to help protect its cardholders and its reputation within its community.
Macon-Atlanta State Bank is the primary lender for agriculture and real estate loans in the Macon, Missouri, area. With a distinguished history and a reputation for innovation, the bank was one of the first financial institutions in the state to offer debit cards to its customers.
First Data’s Fraud Risk Identification Service (FRIS) helps minimize fraud losses by identifying potentially fraudulent patterns among signature debit and PIN-secured debit transactions in real time. The bank has also adopted First Data’s Card Value (CV) Validation services for its PIN-secured debit transactions. CV Validation is a fraud mitigation tool that helps minimize “phishing” losses by preventing approval of fraudulent transactions with a unique value encoded on the card’s magnetic stripe.
“Switching to First Data was a good move for us. Since we implemented these services, our profitability has increased. CV Validation in itself has resulted in fewer disputed issues, which allows us to focus on delivering superior service to our customers and our community,” said Troy Rudkin, vice president at Macon-Atlanta State Bank.
Rudkin also appreciates having immediate insight into transaction activity thanks to the STAR STATION(R) Internet portal, which provides the bank with real-time access to resources needed to manage its EFT program. The First Data products integrate with the bank’s third party Jack Henry core processing system.
“We’re extremely pleased to be working with forward-looking financial institutions like Macon-Atlanta State Bank to extend their debit card portfolio and maximize the value of their retail deposit relationships,” said Todd Strubbe, president of First Data Debit Services. “First Data provides the services smaller organizations need to streamline their business and eliminate the complexity of working with multiple organizations. We’re looking forward to working with Macon-Atlanta State Bank for a long time to come.”
As a coast-to-coast electronic payments network and an expert in secure, real-time electronic transactions, the STAR Network connects Macon-Atlanta State Bank’s U.S. customers with their cash at ATM and retail locations, as well as provides access to various national and international ATM and point-of-sale networks. The STAR Network serves more than 5,500 financial institutions across the United States and provides cardholders with account access at approximately 2 million ATM and retail locations. There are approximately 158 million cards carrying the STAR logo.
About Macon-Atlanta State Bank
Macon-Atlanta State Bank, an independent bank serving the Macon Missouri area since 1893, is recognized for integrity, fairness, confidentiality, and knowledge, and continues to build on its strong foundation. The bank is the primary lender for agriculture and real estate loans in the area, and is positioning itself as the solution for all financial needs.
About First Data Debit Services and the STAR(R) Network
First Data Debit Services and the STAR Network offer payment services that help more than 5,500 financial institutions maximize the value of their retail deposit relationships. First Data provides signature and PIN-secured debit card processing, ATM terminal driving and monitoring, fraud prevention services and PIN-secured debit access via the STAR Network. The STAR Network is a coast-to-coast electronic payments network specializing in secure, real-time purchase and ATM transactions. In 2006, First Data processed 10.6 billion debit transactions and drove more than 91,000 ATM terminals. There are approximately 158 million cards carrying the STAR logo, and the STAR Network provides cardholders across the U.S. with account access at approximately 2 million locations (302,000 ATMs and 1.7 million retail locations). The STAR Network continues to serve consumers in more places and more ways than ever before.
About First Data
First Data Corp. (NYSE: FDC) is a leading provider of electronic commerce and payment solutions for businesses worldwide. Serving 4.9 million merchant locations, 1,900 card issuers and their customers, First Data powers the global economy by making it easy, fast and secure for people and businesses around the world to buy goods and services using virtually any form of payment. The company’s portfolio of services and solutions includes merchant transaction processing services; credit, debit, private-label, gift, payroll and other prepaid card offerings; fraud protection and authentication solutions; electronic check acceptance services through TeleCheck; as well as Internet commerce and mobile payment solutions. The company’s STAR Network offers PIN-secured debit acceptance at 2 million ATM and retail locations. For more information, visit www.firstdata.com.