NEWS FROM BAI: SunTrust Piloting Moneta Solution for Internet Payments

SunTrust Banks selected Moneta Corp.'s online payment service to offer clients an additional payment option when they shop with select online retailers. The service is currently being provided free to select SunTrust clients as an initial pilot program.

With this service, users are able to securely pay leading Internet merchants online from their bank account, offering more online anonymity and privacy protection. In addition, most participating retailers offer unique incentives and discounts for shoppers paying via Moneta, say the companies.

"In today's economy, consumers are looking more closely at how they pay for purchases," said Hugh Gallagher, SunTrust's SVP for deposit product management, in a release. "More consumers are going to online shopping sites for everyday needs as well as special occasion purchases. Moneta's payment service provides a secure and convenient payment method, enabling users to pay directly from a bank account for Internet purchases while protecting their financial information. The Moneta payment service dovetails nicely with our commitment to help SunTrust clients 'live solid' by practicing responsible financial management."