Payment Alliance International and Iberiabank Corp. have agreed to brand ATMs in Rite Aid pharmacies in Greater Memphis.

Louisville, Ky.-based PAI will own and operate the ATMs, and Lafayette, La.-based Iberiabank will have its name on the machines and will provide cardholders with surcharge -free transactions, the companies said in a press release.

"Our newly branded in-store ATMs at Rite Aid are part of our growth strategy to serve the Memphis market by providing clients with greater access to banking services in a variety of convenient locations," said Greg Smithers, Iberiabank's Memphis market president, in the release.

PAI provides ATM services for more than 60,000 retail locations nationwide and has been selected to provide ATM services for approximately 1,500 Rite Aid stores in the western, central and southern United States.

"It has been a pleasure working with the team at Iberiabank to grow their presence in the Memphis area," said Gregory W. Mercer, PAI's senior vice president, in the release.

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