MasterCard has inked a new multi-year contract with US financial services company KeyBank to offer the latter debit payment services and processing capabilities.

As part of the agreement, KeyBank will implement the debit and prepaid transaction processing capabilities of MasterCard Integrated Processing Solutions (IPS). Additionally, the KeyBank’s Debit MasterCard program will add a new feature for PIN transactions to the long-standing signature purchases and ATM withdrawal functionalities.

MasterCard IPS is a debit and prepaid processing platform which provides processing services to develop differentiated products and services and expand payments portfolios across business channels. The platform delivers a range of processing services for signature and PIN debit, as well as ATM and global prepaid.

KeyBank has been a MasterCard partner since 1997 and provides cardholders with a range of MasterCard-branded card options, including KeyBank Gold Debit MasterCard, Rewards Debit MasterCard and World Debit MasterCard cards.

In recent news, MasterCard rolled out a roadmap which focuses on upgrading the US electronic payments system.