FIRST DATA AND WELLS FARGO EXPAND RELATIONSHIP
Expansion Includes Private Label, Personal Credit Management and Wachovia Portfolios
DENVER – June 08, 2009 (AllPayNews.com)– Global technology and payments leader First Data today announced that Wells Fargo & Company (NYSE:WFC) has expanded its agreement for card processing services. Under the terms of the agreement, Wells Fargo will move its newly-acquired Wachovia credit card portfolios to First Data for comprehensive card processing services.
First Data already provides data processing services, statement/letter production and mailing, plastic card personalization and fraud services for Wells Fargo’s seven million plus cardholder accounts within its consumer credit and small business card portfolios.
Wells Fargo will add the Wachovia credit card accounts, the Wells Fargo Private Label card accounts and the Personal Credit Management line of credit accounts to the existing Wells Fargo portfolios serviced on First Data’s system. Additional terms are not being disclosed.
“Expanding our long-standing partnership with Wells Fargo clearly demonstrates that First Data’s single platform solution, economies of scale and continuous investment in technology enables our clients to grow and build stronger relationships with their customers,” said Matt Kardell, senior vice president, Sales and Strategic Account Relationships for First Data.
Wells Fargo has been a First Data client since 1971 and through the years, Wells Fargo and First Data have worked closely together to drive innovation in the payments industry.
“Wells Fargo has enjoyed a long relationship with First Data and we are pleased to announce the expansion of our agreement,” said Kevin Rhein, head of Wells Fargo Card Services and Consumer Lending.
About Wells Fargo Wells Fargo & Company is a diversified financial services company with $1.3 trillion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 10,400 stores, over 12,000 ATMs and the internet across North America and internationally.
About First Data
First Data powers the global economy by making it easy, fast and secure for people and businesses to buy goods and services using virtually any form of electronic payment. Whether the choice of payment is a gift card, a credit or debit card or a check, First Data securely processes the transaction and harnesses the power of the data to deliver intelligence and insight for millions of merchant locations and thousands of card issuers in 36 countries. For more information, visit www.firstdata.com.