Wachovia Corporation has signed a multi-year agreement with First Data for the provision of a range of payment services across its banking operations.
The agreement signals a new push by First Data to provide simplified, single-source package deals for large corporate customers.
Charles Fote, president and chief operating officer, First Data, comments: "Several First Data businesses have previously provided services both to Wachovia and to First Union, with whom Wachovia just merged. Our
one-company offering gives Wachovia a cost-effective solution that meets all of its payment services needs."
Effective immediately, First Data will begin providing payment services to the bank, including official cheque and money order processing, credit card transaction processing and loan payment services.
Lee Wright, senior vice president at Wachovia Corporation, says: "In order to provide our clients with a complete suite of banking and brokerage services, Wachovia requires a partner who can offer an array of back-office processing solutions."
Financial terms were not disclosed.