ATLANTA, Nov. 18, 2014 /PRNewswire/ -- SunTrust Banks, Inc. (NYSE: STI) is now offering clients and merchants Apple Pay, an easy, secure and private way to conduct payment transactions.
Apple Pay will work in stores with iPhone 6, iPhone 6 Plus and Apple Watch, upon availability. When paying for goods and services within apps, Apple Pay is compatible with iPhone 6, iPhone 6 Plus, iPad Air 2 and iPad mini 3. Apple Pay makes shopping as simple as the touch of a finger with Touch ID.
"We are constantly looking for ways to help improve the financial well-being of our clients and part of that is offering solutions that make banking simpler, more convenient and safer," said Beverly Ladley, SunTrust's client segments and solutions executive. "The addition of Apple Pay provides SunTrust clients with an innovative, secure option to make purchases."
Security and privacy are key elements of Apple Pay. When clients add a SunTrust credit or debit card with Apple Pay, the actual card numbers are not stored on the device nor on Apple servers. Instead, a unique Device Account Number is assigned, encrypted and securely stored in the Secure Element on their device. Each transaction is authorized with a one-time unique dynamic security code, instead of using the security code from the back of the card.
When clients use Apple Pay in a store, restaurant or other merchant, cashiers will no longer see their name, credit card number or security code, helping to reduce the potential for fraud. SunTrust clients have Zero Liability protection when making payments with SunTrust credit or debit cards through Apple Pay. If they use a rewards card, they'll continue to earn with every qualifying purchase made through Apple Pay.
SunTrust Merchant Services is also offering Apple Pay equipment so merchants can facilitate the "tap and pay" transactions. More information on those services can be found at www.suntrustmerchantservices.com.
About SunTrust Banks, Inc.
SunTrust Banks, Inc., headquartered in Atlanta, is one of the nation's largest banking organizations, serving a broad range of consumer, commercial, corporate and institutional clients. As of September 30, 2014, SunTrust had total assets of $186.8 billion and total deposits of $136.5 billion. Through its flagship subsidiary, SunTrust Bank, the Company operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states and a full array of technology-based, 24-hour delivery channels. The company also serves clients in selected markets nationally. Its primary businesses include deposit, credit, trust and investment services. Through its various subsidiaries, the company provides mortgage banking, asset management, securities brokerage, and capital market services. SunTrust's Internet address is suntrust.com.
SOURCE SunTrust Banks, Inc.