First Data Expands Presence in India Through a Technology Hosting Agreement with Kotak Mahindra Bank
MUMBAI, India, 15 May, 2008 (www.AllPayNews.com) - First Data Corp., a global leader in electronic commerce and payment services, has signed a card processing agreement with Kotak Mahindra, one of India's leading financial conglomerates. This agreement strengthens First Data's presence in India and further supports the company's expansion into the Asia Pacific market.
Under the five-year agreement, First Data will provide processing services for Kotak's unsecured lending portfolio, supporting the launch of a new credit card and loan portfolio. Client services support will be provided locally from First Data's offices in Mumbai.
Using a global team of experts across Asia, Australia and the United States, First Data offered Kotak Mahindra Bank speed to market by implementing the processing infrastructure within four months.
Vikram Sud, Chief Operating Officer, Kotak Mahindra Group, said: "As a single window provider of all financial needs and services, we at the Kotak Mahindra Bank lay great emphasis on meeting the diverse needs of our customers. First Data's VisionPLUS® technology platform will enable us to provide customised payment solutions to serve these needs. In addition, First Data's solution will provide us with the tools and capabilities to grow our card business and unsecured loan portfolio."
Nigel Lee, president, Asia Pacific, First Data, commented: "We are delighted to secure Kotak as our first processing client in India, supporting their expansion into the unsecured lending space. We were able to bring together an exceptional team from around the globe to support the rapid infrastructure roll-out in time to meet Kotak's launch plans, scheduled to coincide with their fifth birthday celebration. Through this agreement, First Data has significantly extended its presence in India, an important market in which we see real opportunities for growth."
About First Data
First Data is a global technology leader in information commerce. The company processes transaction data of all kinds, harnesses the power of that data and delivers innovations in secure infrastructure, intelligence and insight for its customers. With operations in 37 countries, First Data serves over 5.4 million merchant locations, 2,000 card issuers and their customers. It powers the global economy by making it easy, fast and secure for people and businesses around the world to buy goods and services using virtually any form of payment. The company's portfolio of services and solutions includes merchant transaction processing services; credit, debit, private-label, gift, payroll and other prepaid card offerings; fraud protection and authentication solutions; electronic check acceptance services through TeleCheck; as well as Internet commerce and mobile payment solutions. The company's STAR Network offers PIN-secured debit acceptance at 2.1 million ATM and retail locations. Through First Data's centers of excellence, such as security, analytics, customer loyalty and mobile payments, it offers data-driven commerce solutions for customers around the globe. For more information, visit www.firstdata.com.
About Kotak Mahindra Group
Kotak Mahindra is one of India? leading financial conglomerates, offering complete financial solutions that encompass every sphere of life. From commercial banking, to stock broking, to mutual funds, to life insurance, to investment banking, the group caters to the financial needs of individuals and corporates. The Group has a net worth of over Rs. 5,609 crore, employs around 17,000 people in its various businesses and has a distribution network of branches, franchisees , representative offices and satellite offices across 344 cities and towns in India and offices in New York, London, Dubai, Mauritius and Singapore. The Group services around 3.6 million customer accounts. For more information, please visit: http://www.kotak.com/
Hong Ren, First Data
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