As per terms of the agreement, First Data will continue managing day-to-day operations, risk management and merchant sales activities.
SunTrust will continue to build upon the growth of the business through its client-facing channels, including its retail branch network of more than 1,650 locations throughout the Southeast and Mid-Atlantic regions and wholesale-relationship sales force.
SunTrust Merchant Services currently serves more than 67,000 merchant locations and processes more than $29bn in card volume every year.
SunTrust head of commercial card and merchant services Robert Blair said that since 2002, SunTrust Merchant Services has been providing clients with the benefits of effective and efficient debit and credit card processing services.
"We look forward to continuing this venture with First Data in our ongoing effort to add value to our relationships with our clients in serving all their financial needs," added Blair.
