Elavon, a credit card processor and subsidiary of U.S. Bancorp, has signed a multi-year payment processing agreement with Capital Bank.

Under the deal, Elavon will continue to provide its payments technology exclusively to the bank. Both firms will share ideas and strategies to ensure the bank’s business customers will receive leading payments technology and services.

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Additionally, Capital Bank will provide its business clients with Elavon’s payments processing technology, which offers EMV chip technology, Point-to-Point Encryption (P2PE) and tokenisation technology for multi-layered payments security for point-of-sale terminal and card-not-present processing.

Elavon said that the renewed agreement will extend a relationship between the two entities that dates to December 2005.

Elavon president of North America Guy Harris said: “Working with Capital Bank through their transformation and rapid growth has been tremendous for Elavon. This exclusive agreement takes our relationship to an exciting new level that will enable Capital Bank’s valued business customers to manage payments simply and securely.”

Capital Bank chief technology and operations executive Zahid Afzal said: “We have carefully studied the competitive landscape and are impressed with Elavon’s payments solutions.

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“Having the best processing technology and security, at the right price points, is especially critical as consumers’ payment preferences evolve. This strategic partnership underscores our commitment to providing long-term value and innovative products to our merchant customers.”