AFS selects industry-leading processing technology to provide cost effective and efficient solutions and services to regional client base
Manama, Bahrain June 29, 2011 – Arab Financial Services (AFS), a leading provider of electronic payments and consumer finance outsourcing services in the Middle East, today announced the renewal of its VisionPLUS® licence agreement with First Data, a global leader in electronic commerce and payment solutions. VisionPLUS is the industry leading processing technology available on a licensed basis from First Data.
B. Chandrasekhar, acting CEO of Arab Financial Services, said: "The renewal of the VisionPLUS software license with First Data reflects AFS's desire to bring cutting-edge services to its client base in the region and provide for the longer term requirements of our customers. Through this new agreement, AFS clients will be able to access and benefit from recent enhancements to the software."
More than 40 banks in the MENA (Middle East North Africa) region work with AFS as their payment card and consumer finance technology and processing partner. First Data has supported AFS for more than 15 years with the provision of processing technology to provide world class solutions to its valued client base in the region.
"We chose to extend our relationship with First Data based on our long-standing history and the proven capabilities of the VisionPLUS processing technology," added B. Chandrasekhar. "This agreement gives us the flexibility and processing focus to make swift decisions with regards to the needs of our customers."
Brian Quarrie, vice president of First Data in Middle East & Africa said, "At First Data we've spent a significant amount of time and resources to ensure our processing solution provides the integration and scalability that our clients need. We are delighted to deepen our long-standing relationship with AFS and to continue to leverage our processing capabilities to help AFS achieve its business goals."
VisionPLUS is a powerful global payments software product available from First Dataworldwide on a licensed basis. It features a comprehensive suite of market-leading solutions, flexible product options, advanced management capabilities, and service oriented architecture to enable open systems integration to meet the needs of issuing banks and retailers.
AFS has operated in the payment card industry for over two decades and understands the need of its customers to have cost effective and efficient solutions and services. In addition to card processing, its core offering includes value-added services including call centre services, fraud monitoring, data analytics, card embossing and back-office services.
About Arab Financial Services Company B.S.C. (c)
AFS is a leading provider of electronic banking, personal payment instruments and related services. Established in 1984, AFS is in a strong financial position with backing from leading international financial institutions in the Arab world. The company pioneered the concept of outsourcing card processing in the region and was the first company to set-up an end-to-end state-of-the-art card-outsourcing environment in Bahrain. AFS is one of the largest payment card processors in the Middle East and North African regions. AFS is a principal member of Visa and MasterCard payment associations and an authorised third party processor centre. Over 50 banks in the region are connected to AFS's online card management integrated solutions. AFS offers diverse services ranging from 'get-started' to fully-fledged ongoing card processing and related services, helping banks to issue Visa and MasterCard branded cards to their customers through sponsorship card programmes. AFS offers flexible and customised solutions to suit the specific requirements of financial institutions in the region, including full Arabic language functionality. AFS offers ATM and debit management outsourcing services through its subsidiary, Euronet Middle East, a joint venture with Euronet Worldwide.
For more information visit www.afs.com.bh.
About First Data
Around the world, every second of every day, First Data makes payment transactions secure, fast and easy for merchants, financial institutions and their customers. First Data leverages its vast product portfolio and expertise to drive customer revenue and profitability. Whether the choice of payment is by debit or credit card, gift card, check or mobile phone, online or at the checkout counter, First Data takes every opportunity to go beyond the transaction. For more information visit www.firstdata.com
Partha Saha, Senior Manager, Business Development Unit
Arab Financial Services
Phone: +973 17 299722
Sunayana Kripalani, First Data
Phone: +971 4 3757523