First Data and First Tennessee Bank Form Strategic Relationship to Support Small Businesses
NEW YORK, MARCH 24, 2016 - First Data (NYSE: FDC), a global leader in commerce-enabling technology and solutions, has entered into a strategic agreement with First Tennessee Bank, the largest bank in Tennessee with nearly 200 retail and commercial banking locations. Under the new enterprise agreement, First Tennessee will provide its small business clients with First Data’s innovative products, including the Clover® family of business management solutions. First Tennessee will also join First Data’s STAR® Network and have access to an array of cutting-edge fraud protection tools.
“Small businesses are vital to First Tennessee and our communities, and First Data’s Clover suite gives the owners of those businesses the data they need to grow,” said David Popwell, president of banking for First Tennessee’s parent company, First Horizon National Corp. (NYSE: FHN). “We’re excited about what our alliance with First Data will allow us to offer our customers.”
“We are proud to work with a distinguished partner like First Tennessee Bank, which has a rich history of exemplary client service spanning more than 150 years,” said Frank Bisignano, Chairman and CEO, First Data. “Working together, we are broadening First Data’s unparalleled distribution network, enabling more business owners around the country to access the solutions that will help them adapt to the evolving world of commerce.”
Innovative Small and Medium Size Business Solutions
First Data will offer First Tennessee’s business owner clients the tools needed to help streamline operations, expand business and customer intelligence, and improve the customer experience, all while facilitating payments in a safe, secure environment. First Tennessee clients will be able to choose the Clover solution that best fits their needs, including Clover® Station, Clover® Mobile, Clover® Mini and the newly-introduced Clover® Go.
First Tennessee clients will also have access to the Clover® App Market. With more than 150 apps, the Clover® App Market is a premier point-of-sale app market, featuring apps that enable digital loyalty, digital gift cards, consumer loans, and more.
First Data’s STAR Network
As part of the commercial agreement, First Tennessee will join the STAR Network, First Data’s fast-growing debit network, and its industry-leading full suite of debit network solutions. STAR enables secure PIN- and PIN-less transactions, and will soon support signature-based transactions through the new STAR AccessSM solution. STAR Access enables clients to offer competitive choice with solutions that provide economic value, market-leading innovation, and STAR’s preeminent fraud protection.
Superior Fraud Protection
Building upon the fraud protection the STAR Network offers, First Tennessee will leverage First Data’s SpendTrend™ Insights Fraud Analysis Solution. This fraud reporting tool enables users to analyze the complete lifecycle of a transaction across debit, credit, prepaid and commercial card accounts. This solution allows First Tennessee customers to reduce operational costs and overall fraud losses, including for card-not-present transactions.
Finally, First Tennessee will implement First Data’s DefenseEdge solution, which simplifies client fraud detection, reduces error, and saves time and money.
For more information, visit www.firstdatapartners.com/firsttennessee.
About First Tennessee
First Tennessee Bank is the largest bank headquartered in Tennessee, with the number one deposit market share in Chattanooga, Knoxville, Memphis and the Tri-Cities and a top-five deposit market share in Nashville. First Tennessee was founded during the Civil War in 1864 and has the 14th oldest national bank charter in the country and one of the highest customer retention rates of any bank in the country. First Tennessee and FTN Financial are part of First Horizon National Corp. (NYSE:FHN), which has 4,300 employees. First Horizon has been recognized as one of the nation's best employers by Forbes, Working Mother and American Banker magazines. More information is available at www.FirstTennessee.com.
About First Data
First Data (NYSE: FDC) is a global leader in commerce-enabling technology and solutions, serving approximately six million business locations and 4,000 financial institutions in 118 countries around the world. The company’s 24,000 owner-associates are dedicated to helping companies, from start-ups to the world’s largest corporations, conduct commerce every day by securing and processing more than 2,500 transactions per second and $1.9 trillion per year.