Bank Converts Credit Card portfolio to First Data’s FirstVision TM Solution and Launches Credit Cards in New Markets
KUWAIT, Jan. 13, 2010 – First Data Corporation , a global leader in electronic commerce and payment processing, today announced the successful conversion of National Bank of Kuwait’s credit card portfolio to First Data’s global issuing and consumer finance processing solution, FirstVision TM . The conversion follows the renewal of First Data's processing contract with the bank for an additional five years.
Under the new agreement, First Data will continue to provide a range of processing solutions and fraud management services to the bank for its credit card portfolios. National Bank of Kuwait has been a First Data client since 2001 and conversion to FirstVision has enabled the bank to expand further beyond its domestic market and offer credit cards in other Gulf Cooperation Council countries (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emirates).
"First Data's track record in providing robust and scalable systems coupled with the success we have had growing our credit card portfolio was instrumental in our decision to renew," said Mr. Issam Al Sager, CEO at National Bank of Kuwait. "To remain a leading player in the market, we were looking for an experienced and trusted payments services provider. First Data’s single platform solution, continuous investment in technology, and deep understanding of the local market has enabled us to build stronger relationships with our customers and expand our business beyond Kuwait.”
“We are delighted that National Bank of Kuwait, a long-term client, continues to entrust First Data with the processing of its credit card portfolios,” said Brian Quarrie, managing director of First Data’s business in the Middle East. “The bank’s decision to extend our agreement demonstrates their confidence in us, and acknowledges the quality and breadth of our payment solutions. We look forward to building on this success in future.”
Today, FirstVision supports customers across Latin America, Europe, the Middle East and Asia and provides a single solution that delivers consistent functionality and technology in support of banks and major retailers around the world.
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
About National Bank of Kuwait
National Bank of Kuwait is a leading bank in Kuwait and the Middle East and is the highest rated regional bank in the Middle East. It has also been included as one of the top 50 safest banks in the world by Global Finance. It has banking operations in almost all GCC (Gulf Corporation Council) countries in addition to major international cities.
Sunayana Kripalani, First Data
+971 4 3757523