The agreement with First Data reinforces AFS's commitment to bring world-class card processing solutions to its valued client base. AFS currently licenses First Data's VisionPLUS® software to manage a portfolio of more than one million payment cards. Under the new agreement, AFS clients will have the opportunity to benefit from First Data's strategic issuing and consumer finance solution, FirstVisionTM. FirstVision incorporates an enhanced version of VisionPLUS as well as a full range of associated operational and value-added services.

"AFS continually aims to provide its clients with industry-leading customer service and access to innovative and integrated solutions with the objective of helping them grow their business," said Shankar Sharma, chief executive officer of Arab Financial Services. "First Data has the scale, resources, experience and processing focus to provide our clients with a continued high level of service during the transition as well as provide for their future growth. We are confident that this agreement is in the best interest of our clients."

"We are delighted to reach this agreement to deliver processing services in support of Arab Financial Services' clients, some of which are already using other services from First Data," said Brian Quarrie, managing director, Middle East, First Data. "We look forward to ensuring continuity of service at the highest levels and to extending and deepening our relationships with these organisations over time."