First Data Corporation, a global leader in electronic commerce and payment processing and owner of First Data Deutschland GmbH and TeleCash GmbH & Co. KG in Germany, has announced that it has signed an issuing processing contract with VTB Bank (Deutschland) AG, a corporate and commercial bank specialising in German-Russian trade relations.
Under terms of the agreement, First Data will provide VTB Bank (Deutschland) AG with issuing services for its new MasterCard corporate card portfolio which features a bespoke bankcard design and comprehensive insurance package. With the introduction of this card programme, VTB Bank (Deutschland) AG will complete its service package for corporate clients. The range of services delivered by First Data will include technical processing of electronic transactions, operational services such as handling applications and customer services, and fraud management services.
Dr. Valeriy Lyakin, chairman of the board at VTB Bank (Deutschland) AG and responsible for Germany, said, "VTB Bank (Deutschland) AG wants to offer its clients individual, intelligent and extremely efficient solutions, intended to help them achieve a sustainable competitive advantage. We are pleased that, together with our service provider First Data Deutschland GmbH., we have been able to launch the VTB Corporate Card in the market in February and therefore enable employees of our corporate clients to have the opportunity to pay business-related transactions easily, conveniently and in a way that enables them to significantly simplify accounting processes and reduce costs in the long-term."
"VTB Bank (Deutschland) AG joins us as a new client and we are pleased to have been selected to support the bank with the expansion of its corporate card business, an area in which we have significant experience and expertise," said Wolfgang Heinrich, managing director and spokesperson for the management board at First Data Deutschland GmbH. "We look forward to supporting VTB Bank with the expansion of further areas of its card business as a reliable and flexible service provider."