Global technology and payments leader First Data today announced that Wells Fargo & Company (NYSE: WFC) has expanded its agreement for card processing services.
Under the terms of the agreement, Wells Fargo will move its newly-acquired Wachovia credit card portfolios to First Data for comprehensive card processing services.
First Data already provides data processing services, statement/letter production and mailing, plastic card personalization and fraud services for Wells Fargo's seven million plus cardholder accounts within its consumer credit and small business card portfolios.
Wells Fargo will add the Wachovia credit card accounts, the Wells Fargo Private Label card accounts and the Personal Credit Management line of credit accounts to the existing Wells Fargo portfolios serviced on First Data's system. Additional terms are not being disclosed.
"Expanding our long-standing partnership with Wells Fargo clearly demonstrates that First Data's single platform solution, economies of scale and continuous investment in technology enables our clients to grow and build stronger relationships with their customers," said Matt Kardell, senior vice president, Sales and Strategic Account Relationships for First Data.
Wells Fargo has been a First Data client since 1971 and through the years, Wells Fargo and First Data have worked closely together to drive innovation in the payments industry.
"Wells Fargo has enjoyed a long relationship with First Data and we are pleased to announce the expansion of our agreement," said Kevin Rhein, head of Wells Fargo Card Services and Consumer Lending.