DBS switches to First Data's managed credit card and merchant processing services
26 July 2005 | 1708 views | 0
Source: First Data
First Data Corp. (NYSE: FDC), a global leader in electronic commerce and payment services, has gained a significant foothold in the South Asia market following the signing of a multi-year agreement to manage credit card and merchant processing services, using First Data's VisionPLUS platform, for DBS Bank's portfolio of more than 13,000 merchants and 2 million credit card accounts in the region.
The agreement with DBS is the first major contract in South Asia for First Data, which already has a strong presence in more than 70 countries, serving 4.1 million merchant locations, 1,400 card issuers and millions of consumers.
"DBS is dedicated to providing high-quality services to its card and merchant customers," said Greg Nash, managing director of First Data International in Australia, New Zealand and South Asia. "We were chosen by DBS on the strength of our ability to help the bank achieve its long-term growth objectives."
Pam Patsley, president, First Data International, added: "We are pleased to expand our relationship with one of Asia's most respected financial services groups. We are committed to delivering advanced technology solutions and resources for card and merchant processing markets throughout the world. This agreement with DBS reinforces First Data's presence in Asia."
DBS is one of the largest financial services groups in Asia with total assets of S$175.5 billion, a card portfolio including Visa, MasterCard, American Express, and unsecured credit facility such as Cashline and Term Loan Accounts. The Bank has card operations in Singapore, Hong Kong and joint venture in Thailand.
The contract, effective from July 2005, extends the long-standing relationship between First Data and DBS. Since 1999, First Data has provided DBS its VisionPLUS(R) software under license to manage card issuing and acquiring services in-house.
"The appointment of First Data as a managed services provider was a logical extension of the existing partnership," said Steve Ingram, DBS' Managing Director and Head of Technology and Operations and Group Chief Information Officer. "Our relationship with First Data started in 1999, and since then we have used VisionPlus as our technology platform to support unsecured lending processing across the bank. When we decided to outsource our unsecured lending applications support to a managed services provider, it made sense to take our relationship with First Data to the next level. Their proven track record in other markets, the scalability of their solution, and the resources they have in place to support our operations will enable us to further enhance our regional platform in our aim to provide high-quality services to our existing customers and to further grow our business in new markets."
The financial terms of the contract were not disclosed.