SocGen consumer finance contracts with First Data for European expansion

Source: First Data International

First Data International (FDI), a leader in electronic commerce and payment services around the world, today announced it has signed an agreement with Société Générale Consumer Finance to provide card processing services to the bank’s international consumer finance division.

Société Générale Consumer Finance has selected First Data International as its partner to rollout a comprehensive suite of new card and loan products to consumers across Europe, the Middle East and Africa over the next 12-to-18 months. Société Générale Consumer Finance is taking a truly market-led approach to its comprehensive expansion programme with product mixes and customer service support tailored to meet the needs of each local market.

Under the terms of the agreement, First Data International will provide Société Générale Consumer Finance credit card management and transaction processing together with a wide-range of back-office and value-added services. First Data's Central European regional hub based in Bratislava, Slovakia, will provide the core processing. Back office services will be supported from a number of different First Data locations, aligned to specific local country requirements. In addition to credit card management and transaction processing services, the agreement also includes: merchant management, call centre services, fraud monitoring and risk management, charge-back and dispute processing, plastics production and print and mail services.

This agreement significantly expands the existing relationship between Société Générale and First Data International. First Data has been providing processing services to two of Société Générale's most established retail businesses outside France - BRDF in Romania, since 2005, and Geniki in Greece, since 1997.

Commenting on the newly extended partnership, David Yates, president, Europe, Middle East and Africa, First Data International, said: "We are delighted Société Générale Consumer Finance chose us for such a strategically important project, and are looking forward to providing a best-in-class infrastructure that will offer important benefits to both the bank and its customers. This agreement represents a significant and very exciting milestone for First Data International: it is a major pan-an-regional contract, which we will deliver by leveraging the service capabilities and expertise available across our extensive European network."

"It is clear that banks expanding across the region are looking for a processing and payment services partner able to support that expansion through local operations that deliver a consistent, high level of service. First Data is particularly well placed to provide such support," said Yates.

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