First Data, a global leader in electronic commerce and payment processing services, has announced it has renewed its contract with Akbank for its global issuing and consumer finance solution.
Akbank, Turkey's largest bank in terms of market capitalisation, has been using First Data's issuing and consumer finance platform for the management of its loyalty card brands such as Axess, Wings and Fish since 2001. Under the terms of the new agreement, Akbank will continue to use the First Data solution to grow its credit card customer base.
Mr. Alpaslan Ozlu, executive vice president of Akbank, with responsibility for information technology, said, "Compared to other European countries, Turkey is one of the fastest growing markets. This rapid growth was one of the reasons for Akbank's decision, in 2001, to migrate its card management system to First Data's solution. The relationship with First Data has allowed us to rapidly bring new products to market to meet the fast-changing customer demand."
Ms Sevilay Ozsoz, executive vice president of Akbank, with responsibility for operations, said, "First Data's global issuing and consumer finance solution brings together an advanced processing platform and a fully integrated suite of market-leading, value-added services. It has also provided Akbank with the speed and flexibility it needs to compete and win in the Turkish market."
Soner Canko, managing director of First Data's operations in Turkey, said, "We are delighted to expand our business relationship with Akbank, one of the leading banks in the Turkish market. We continue to strengthen our position in Turkey and look forward to rapid further growth in what is a key emerging market for First Data."
First Data opened a regional office in Turkey in 2007 to meet the growing needs of local banks, financial institutions and retailers in the region. In June, the company also announced the opening its printing centre, providing specialised print and electronic mail solutions for clients in the financial services sector.