The Bank of Queensland (BoQ) has signed a six year deal worth A$14.4 million with Australian e-payments vendor Keycorp for the upgrade and management of its entire fleet of eftpos terminals.
Under the deal, Keycorp will acquire all of BoQ's eftpos devices currently serving the bank's merchant customers around Australia.
Keycorp says existing devices will be replaced with new terminals and software which it will manage and support going forward.
Bruce Thompson, CEO, Keycorp, says banks face ongoing challenges managing a large fleet of payment terminals which need to be continually upgrades and made compliant with changing regulatory and technical requirements.
The agreement is expected to generate A$14.4 million in annuity revenue for Keycorp over the six years.
David Liddy, managing director, Bank of Queensland, says the deal provides the bank with "state-of-the-art merchant terminals for out existing merchant customers while laying the platform for future growth".
"Importantly, Bank of Queensland's merchant terminals will now have the technological base to offer innovative customer offerings in the future. They are another weapon in our arsenal for providing exceptional service to Australia's small and medium businesses," says Liddy.