Source: First Data International
First Data International, part of First Data Corp. (NYSE: FDC), a leader in electronic commerce and payment services around the world, today announced that Cetelem Processing Services (Shanghai) Ltd. has signed an agreement to use First Data's VisionPLUS processing solutions.
Cetelem is part of the BNP Paribas Group, one of the largest international banking groups with strong presence in Asia.
Under the terms of the agreement, First Data will provide its processing solutions to supplement Cetelem's specialized proprietary systems designed for its alliance partners engaging in consumer lending such as credit cards including China Unionpay cards, Visa and MasterCard services and unsecured and installment loans. First Data will leverage VisionPLUS, used by some of the largest banks and retail card issuers in the world, as a comprehensive solution to support Cetelem's credit cards, consumer loans and related processing needs.
"We are delighted that Cetelem chose First Data International as one of its key partners in China," said Nigel Lee, President, First Data, China and North Asia. "We have invested in China to support our local and international clients with industry-leading card processing and lending solutions. This relationship with Cetelem reinforces our ability to deliver real processing capabilities to our clients in the People's Republic of China."
In 2002, First Data International established a presence in China with the launch of its Shanghai data center. The company now serves 13 clients throughout the region, managing, operating and servicing the VisionPLUS platform for many of China's major banks, including China Everbright Bank, Industrial and Commercial Bank of China and Bank of Communications Hong Kong Branch.
Mr. Chin Hock Lee, CEO for Cetelem in China, said: "Our agreement is a win-win opportunity for all parties concerned - our customers, First Data and Cetelem. This enables us to deliver to our local alliance partners the combined sophistication of First Data's world-class card processing and lending solutions and Cetelem's specialized proprietary systems. This is a strong demonstration of Cetelem's commitment to bring our expertise to our Chinese business partners in the development of consumer finance business."