First Data Renews Contract with Vanquis Bank to 2017
Seven year card processing agreement will include migration of bank's portfolio of cards to FirstVision™
LONDON - May 20, 2009 (AllPayNews) - First Data, a global leader in electronic commerce and payment processing services, has signed a new seven year card processing agreement with Vanquis Bank, a UK-based card issuer. Under the terms of the agreement, First Data will also begin migration of the bank's card portfolios to FirstVision™, its global issuing and consumer finance processing solution, during the course of the next 18 months.
First Data has had a longstanding relationship with Vanquis since supporting the launch of the bank's credit card portfolio in 2003. During this time Vanquis has achieved significant success building this portfolio to approximately 400,000 cards today. Throughout the life of the new agreement, First Data will continue to provide a range of processing solutions and surround services to the bank for their credit card portfolios as well as supporting their growing prepaid card offering.
"First Data's track record in providing reliable systems was instrumental in our decision to renew," said Phil Pringle, head of commercial delivery at Vanquis. "We felt that First Data offered the breadth of solutions and expertise to continue to support our planned growth."
Roger Bracken, UK managing director at First Data said: "Vanquis' card portfolio is growing rapidly and we are delighted to continue our association with them. Their renewal is testament to the quality of service we have provided during the past six years and our ability to support the bank's future needs and deliver significant long-term benefits. In electing to migrate to FirstVision, Vanquis has chosen a solution which is built on the proven strengths of VisionPLUS®, the platform of choice for many of the world's leading issuers."
FirstVision™ is the new name for First Data's strategic processing service. The company's scale and strength has enabled First Data to continue to invest through the current economic downturn, focusing on the development of a single solution that delivers consistent functionality and technology in support of banks and major retailers around the world. From data centres in Argentina, China and Germany, FirstVision today supports customers across Latin America, Europe, Middle East and Asia. FirstVision brings together an advanced processing platform and a fully-integrated suite of market-leading, value-added services.
Vanquis Bank is part of Provident Financial plc, a leading UK financial company providing financial products.
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.