First Data wins Cathay Bank merchant services contract; migrates Bank Alfalah to processing platform

Source: First Data

First Data, a global leader in electronic commerce and payment services today announced it has entered into an agreement with Cathay Bank, a California state-chartered bank, to provide merchant services to Cathay Bank.

Cathay Bank is the oldest bank in the United States that was founded by Chinese-Americans. The agreement between Cathay Bank and First Data will enable Cathay Bank to offer a full suite of merchant services and products to its customers including credit, debit, checks and gift cards. First Data will provide merchant payment processing services on behalf of Cathay Bank, and will also supply dedicated sales executives, with Mandarin speaking capabilities, to fully meet the requirements of its growing reach and client base.

"With its roots in the United States, and its understanding of the culture and business practices in Asia, one of the world's fastest growing economies, Cathay Bank is poised to be the bank of choice for companies conducting business between Asia and the United States," said Kim Fitzsimmons, senior vice president, First Data Merchant Sales. "We look forward to working with Cathay Bank to enable them to expand their portfolio of electronic payment offerings to support their network expansion across the United States and Asia."

"With First Data's global electronic payments capabilities, we can concentrate on serving and meeting the dynamic needs of our customers that conduct business between the United States and Asia," said Irwin Wong, Executive Vice President of Cathay Bank.

Separately, First Data, a global leader in electronic commerce and payment services, today announced the successful launch of Bank Alfalah's new MasterCard offering on First Data's VisionPLUS processing platform.

Bank Alfalah is the largest credit card issuer and a leading merchant acquirer in Pakistan, and First Data's first client in this important consumer finance market.

Bank Alfalah's existing card and merchant portfolio will soon be migrated to the First Data platform, enabling the bank to offer an extended suite of financial services products to its valued customers, with state-of-the-art risk and fraud management solutions.

The swift and successful launch of Bank Alfalah's MasterCard portfolio demonstrates First Data's ability to manage significant assignments across the globe and underlines the wealth of experience the company brings as a trusted service provider to the world's leading financial institutions.

Mr. Adil Rashid, Group Head Consumer Finance, Bank Alfalah, said "It is definitely remarkable to be able to use the hosting services of such a well regarded service provider as First Data. Bank Alfalah is a very fast growing financial institution and will be able to benefit from First Data's services not only in Pakistan but also in other countries where we are expanding our business."

"We are thrilled to have secured such a significant card issuer and acquirer as our first client in the country," said Brian Quarrie, Vice President, First Data Middle East, "and to have made a good start in this important new relationship. With our global expertise and experience I am confident we will be able to add significant value to Bank Alfalah's international expansion plans."

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