First Data, a global leader in electronic commerce and payment processing services, today announces significant customer wins and contract renewals for FirstVision, its full-service global issuing and consumer finance processing solution.
Within the past six months, Co-operative Financial Services and Vanquis Bank, both headquartered in the UK, have renewed major processing contracts with First Data, ensuring they will benefit from the company's continuing investment in the FirstVision processing solution. In addition, First Data has successfully completed the migration of the card portfolios of Thai consumer finance organisation, Capital OK, and Punjab National Bank to its issuing platform in Shanghai and signed a five-year processing agreement with Unicard SpA, the cards unit of Unipol Banca in Italy. Other new customers signed during 2008 include Allied Bank and Bank Alfalah in Pakistan and Kotak Mahindra in India.
FirstVision is the new name for First Data's strategic processing service and builds on the proven strengths of VisionPLUS®, the platform of choice for many of the world's leading issuers. The company's scale and strength has enabled First Data to continue to invest through the current economic downturn, focusing on the development of a single solution that delivers consistent functionality and technology in support of banks and major retailers around the world. From data centres in Argentina, China and Germany, FirstVision today supports customers across Latin America, Europe, Middle East and Asia.
FirstVision brings together an advanced processing platform and a fully integrated suite of market-leading, value-added services. FirstVision incorporates the latest technology to simplify the user experience, provide easy access to data and integrate easily into multiple operating environments. It supports all major types of payment cards as well as loans and loyalty programmes and encompasses a rich set of value-added services to manage risk, enhance cross-selling and drive revenue growth. FirstVision's open architecture enables interfaces to multiple delivery channels, ensuring that customers can take full advantage of all sales and service opportunities. Its standard operating model also helps customers control costs while accelerating their speed-to-market with a repeatable implementation process.
Nadeem Shaikh, head of Financial Institutions services for First Data's international business said: "FirstVision is a comprehensive, flexible and functionally-rich global processing solution, differentiated by our investments in technology and product development. It is this combination of our service offering, payments expertise and geographic presence that make FirstVision an unrivalled global processing solution. And, with one single organisation responsible for delivery, we ensure faster implementation and consistent support around the world."