First Data Corporation, a global leader in electronic commerce and payment processing, and VSoft Corporation, today announced that they have signed a reseller agreement, under which VSoft will sell First Data debit processing services and Star ATM and POS access to its clients.
VSoft is a global information and technology provider of process improvement solutions for financial institutions. The company offers core and payment processing solutions for more than 2,200 banks, credit unions and savings institutions.
This agreement will provide VSoft client financial institutions with STAR Network access as well as end-to-end debit card processing services. First Data's multi-layered online tools can help them manage their debit card programs more efficiently. The solution also provides processing options to control transaction authentication and authorization, including real-time balance verification.
"VSoft is excited about the partnership," said Murthy Veeraghanta, chairman and CEO of VSoft. "First Data's industry-leading card services will not only benefit our clients from an operational efficiency standpoint, but will also drive revenue and transactional volume. Partners like First Data are very important to VSoft as we continue to strengthen our next-generation core banking platform."
VSoft also has agreed to endorse First Data Online Banking - which includes personal financial manager (PFM), mobile and online bill pay services - to its clients, and will fully integrate the solution into its core banking platform, CoreSoft. With the First Data Online Banking solution, a single sign-on and integrated cash management makes it easy for consumers and small businesses to manage all their banking needs online, and Software as a Service (SaaS) technology means a quicker implementation, with no software to download or manage. The PFM solution provides a secure and powerful tool for consumers to manage their finances - including aggregation of account transactions and balances, expense tracking, budgeting and debt management.
"First Data's comprehensive debit, online banking and network solutions will be a great enhancement to VSoft's own respected core and imaging solutions," said Nick Barnes, senior vice president, Financial Services Product, for First Data. "This agreement will help VSoft clients meet their cardholders' demand for convenient access to their money, while gaining operational efficiencies and reducing their costs."