Bank of America Merchant Services said it entered an agreement with Rite Aid to become its payments processor and digital security provider at 2,400 store locations and the chain's RiteAid.com e-commerce site. 

Bank of America processes more than 17.3 billion transactions at more than 700,000 merchant locations in the U.S., Canada and Europe. 

"We are proud to deliver our payment and security solutions to one of America's top drugstore chains," David Ades, executive vice president and head of sales at Bank of America Merchant Services, said in a company release. 

Rite Aid CFO Matt Schoeder said that Bank of America would be providing the chain with a technology called advanced smart routing, which will help Rite Aid with efficiency and effectiveness when completing PIN transactions.