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First Data reports Kuwait and Qatar bank contract wins

13 January 2010  |  8588 views  |  0 Source: First Data

First Data Corporation, a global leader in electronic commerce and payment processing, today announced the successful conversion of National Bank of Kuwait's credit card portfolio to First Data's global issuing and consumer finance processing solution, FirstVision.

The conversion follows the renewal of First Data's processing contract with the bank for an additional five years.

Under the new agreement, First Data will continue to provide a range of processing solutions and fraud management services to the bank for its credit card portfolios. National Bank of Kuwait has been a First Data client since 2001 and conversion to FirstVision has enabled the bank to expand further beyond its domestic market and offer credit cards in other Gulf Cooperation Council countries (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emirates).

"First Data's track record in providing robust and scalable systems coupled with the success we have had growing our credit card portfolio was instrumental in our decision to renew," said Mr. Issam Al Sager, CEO at National Bank of Kuwait. "To remain a leading player in the market, we were looking for an experienced and trusted payments services provider. First Data's single platform solution, continuous investment in technology, and deep understanding of the local market has enabled us to build stronger relationships with our customers and expand our business beyond Kuwait."

"We are delighted that National Bank of Kuwait, a long-term client, continues to entrust First Data with the processing of its credit card portfolios," said Brian Quarrie, managing director of First Data's business in the Middle East. "The bank's decision to extend our agreement demonstrates their confidence in us, and acknowledges the quality and breadth of our payment solutions. We look forward to building on this success in future."

Today, FirstVision supports customers across Latin America, Europe, the Middle East and Asia and provides a single solution that delivers consistent functionality and technology in support of banks and major retailers around the world.

Separately, First Data Corporation, a global leader in electronic commerce and payment processing, announced today that it has signed a four-year processing agreement with International Bank of Qatar (IBQ), one of the leading banks in Qatar.

Under the terms of the agreement, First Data will host IBQ's entire credit card portfolio on its FirstVisionTM processing solution. The agreement extends First Data's market reach into Qatar and provides further evidence of the company's commitment to supporting the electronic payments landscape within the Middle East region.

"We believe that First Data has the breadth of services we need to expand our current card portfolio and is also committed to supporting our strategic long-term retail banking initiatives," said Philip King, head of retail at IBQ. "Through the rich functionality of FirstVision, First Data brings us the tools and capabilities we require to offer an extended suite of financial services to our valued clients, rapidly and efficiently."

Services provided by First Data will cover the full spectrum of card processing services, ranging from front-end services in card application management, transaction processing, authorizations, clearing and settlement, to card account management, loyalty processing and fraud management solutions. All client services support will be provided from First Data's offices in Dubai.

"IBQ has signaled its confidence in First Data and I'm very proud that we will support the bank's expansion in the Qatar credit card market," said Brian Quarrie, managing director of First Data's business in the Middle East. "For years, First Data has offered customers in the region and across the globe a set of modern and innovative solutions that meet market requirements and customer needs. As a result, banks in the region value working with us and appreciate the added benefits we bring to their businesses."

From data centres in Argentina, China and Germany, FirstVision today supports customers across Latin America, Europe, Middle East and Asia with a single solution that delivers consistent functionality and technology in support of banks and major retailers around the world.

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