First Data Corporation, a global leader in electronic commerce and payment processing, has extended its contract with Oldenburgische Landesbank AG (OLB) for a further five years. The agreement covers First Data services provided to its business units OLB Regionalbank and Allianz Bank.
Under the terms of the agreement, First Data will be responsible for providing issuing processing services for both banks' credit card portfolios, to include processing electronic transactions and the provision of operational services such as applications processing, client services, fraud management and disputes and collections services. The contract extension follows the successful migration of Allianz Bank's credit card portfolio, which has enabled the banks to consolidate both credit card portfolios on to a single platform provided by First Data.
The consolidation lays the foundations for the growth of Allianz Bank's card business. From July 2011 onwards, First Data and OLB will build a new product landscape and develop new products for different customer groups. For example, OLB Regionalbank will introduce a new prepaid card offering and Allianz Bank will issue new account and card types using a variety of new card products.
Olaf Mohrschladt, head of Product Management at OLB, said: "In First Data, we have found a powerful services provider that understands our requirements and that can provide the payments expertise so valued by our business units OLB Regionalbank and Allianz Bank and also our cardholders. First Data is the ideal provider to support the growth of our card business."
Wolfgang Heinrich, managing director of First Data in Germany, said: "We are delighted that OLB and its subsidiary, Allianz Bank, have taken the decision to extend their agreement with us, confirming our positive cooperation to date and marking the successful consolidation of their credit card portfolios. The contract prolongation is best proof of the reliability and quality of our services. We are looking forward to our further cooperation with OLB."