Mutual of Omaha Bank has established a multi-year payment processing agreement with First Data Corp., the companies announced on Tuesday.
The agreement follows Mutual of Omaha Bank’s announcement earlier this month that it will begin issuing MasterCard credit cards to consumers and businesses in Nov., according to Omaha.com.
The Atlanta-based First Data has major operations in Omaha and the terms in the new agreement hold it responsible for processing all electronic payments, including all major credit cards, debit cards, gift cards and electronic check verification.
"We are a great match for Mutual of Omaha Bank's diverse lines of business, and we look forward to our continued growth together," Neal Korzekwinski, the senior vice president at First Data, said, according to Omaha.com.
Matt Minchow, an executive vice president at Mutual of Omaha Bank, said that First Data would be best able to serve the company’s clients on a national level. Mutual of Omaha Bank is the banking arm of insurance and financial services company Mutual of Omaha.
Mutual of Omaha has been banking on a national scale since 2007. It has acquired numerous banks and has about $5 billion in assets.
Mutual of Omaha Bank is only able to issue credit cards through community bank branches. This month’s announcement that Des Moines-based TMG Financial Services will issue MasterCard credit cards, however, enables Mutual to extend its credit card offering to a broader, national customer base, according to Omaha.com.