Dresdner renews First Data contract; rolls out Aquin Components in Luxembourg

Source: First Data

First Data International, a global leader in electronic commerce and payment solutions, has renewed its credit card processing contract with Dresdner Bank, part of the Allianz Group, for a further five years.

First Data will continue to process transactions for one of the largest portfolios in the German market until at least 2012.

The portfolio comprises all Dresdner Bank's classic, gold and business cards as well as co-branding cards with Allianz - one of the most successful co-branding Visa programmes in Germany. Dresdner Bank's card strategy focuses on the introduction of innovative products (such as the credit card with a fuel bonus), and sustainable growth through further expansion of the credit card portfolio. The contract with First Data was first signed in 1999, and its extension will position First Data to also support the bank as it expands internationally.

Norbert Pawlowski, managing director of First Data's operations in Germany, comments, "We are very pleased that Dresdner Bank has recognised the benefits of our positive working relationship. The renewal of our contract with such an important client in the German market provides the best proof of the reliability and quality of our services. We are now looking forward to also making an important contribution to the international expansion of Dresdner Bank."

Siegbert Steinmetz, Head of Payments at Dresdner Bank, said about the contract renewal, "As an experienced partner, First Data is very important to our quality proposition. Operating globally, the company is highly experienced and well positioned to support the worldwide banking strategy of Allianz Group."

Separately Dresdner Bank Luxembourg (DBL) opts for the custodian bank solution DEBAS from Aquin Components.

DEBAS supports DBL's fund administration through automated procedures for their portfolio reconciliation between their custody systems and the fund accounting systems; thus freeing time for the fund accountants to concentrate on checking and correcting discrepancies. Thanks to the automation; core processes such as fund NAV checking are carried out significantly quicker with a consistently higher level of quality and at the same ame time reducing operational risk. Moreover, the new solution can be flexibly adjusted and configured resulting in an easy integration of new and complex products - a decisive factor in DBL's decision making.

Aquin integrated DEBAS in just 45 project days. It replaced DBL's in house reconciliation system achieving a significant increase in flexibility in the conversion of new financial products.

Automated investment compliance

Next to DEBAS DBL is using the investment compliance tool MIG21 since 2003. MIG21 provides utmost transparency for clients and auditors as well as daily reporting. The advantages of both systems are decisive criteria for the regular, successful SAS 70 (Statement of Auditing Standards No. 70) certification according to the DBL. "The responsible departments are happy with both Aquin products," summarizes Gerhard Peulen, Head of Fund Business Development and Co-Project Manager for the DEBAS-implementation, "Both implementations were carried out by Aquin staff within agreed time scales and budget."

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