Source: First Data
Electronic commerce and payments leader First Data Corp. (NYSE: FDC) today announced that it has signed a multi-year contract extension with MidAmerica BankCard Association (MABA).
MABA was First Data's first bankcard processing client when First Data's Card Issuing Services business unit was formed more than 30 years ago.
Under the extended agreement, MABA will continue to take advantage of credit card transaction processing and other card portfolio management services provided by First Data for its 3.5 million accounts. Zions Bancorporation, a MABA member, will continue to use First Data processing for its 660,000 signature-based debit cards.
"The MABA banks are very pleased to extend their contract with First Data," said Marc Kessinger, MABA President. "MABA has had a long and unique relationship with First Data. Their support and service have been an important factor in our success, and they continue to provide the technology and products that we need to remain competitive."
MABA was originally formed in Omaha, Neb., in 1969 as a non-profit bankcard processing cooperative. Its members are 1st Financial Bank USA, Franklin Templeton Bank & Trust F.S.B., InfiCorp, INTRUST Bank and Zions Bancorporation. In 1971, First Data was incorporated to become a for-profit organization providing processing services to MABA.
"We're very pleased to receive this contract extension from our oldest client," said Jim Schoedinger, president, First Data Card Issuing Services. "From the earliest days of our processing business, more than 30 years ago, First Data has collaborated with clients like MABA to accelerate their ability to differentiate themselves and strengthen their customer relationships. We believe that our proven record of delivering a sophisticated set of technology solutions that drive change and innovation by offering the right technology, at the right time, for the right use is a significant factor in our client retention and satisfaction."
Financial terms of the agreement were not disclosed. The agreement is effective immediately.