New Processing Agreement with IBQ Extends First Data’s Reach into Qatar
DOHA, Qatar, Jan. 13, 2010 – First Data Corporation , a global leader in electronic commerce and payment processing, announced today that it has signed a four-year processing agreement with International Bank of Qatar (IBQ), one of the leading banks in Qatar.
Under the terms of the agreement, First Data will host IBQ’s entire credit card portfolio on its FirstVision TM processing solution. The agreement extends First Data’s market reach into Qatar and provides further evidence of the company’s commitment to supporting the electronic payments landscape within the Middle East region.
"We believe that First Data has the breadth of services we need to expand our current card portfolio and is also committed to supporting our strategic long-term retail banking initiatives,” said Philip King, head of retail at IBQ. “Through the rich functionality of FirstVision, First Data brings us the tools and capabilities we require to offer an extended suite of financial services to our valued clients, rapidly and efficiently.”
Services provided by First Data will cover the full spectrum of card processing services, ranging from front-end services in card application management, transaction processing, authorizations, clearing and settlement, to card account management, loyalty processing and fraud management solutions. All client services support will be provided from First Data's offices in Dubai.
“IBQ has signaled its confidence in First Data and I'm very proud that we will support the bank's expansion in the Qatar credit card market,” said Brian Quarrie, managing director of First Data’s business in the Middle East. “For years, First Data has offered customers in the region and across the globe a set of modern and innovative solutions that meet market requirements and customer needs. As a result, banks in the region value working with us and appreciate the added benefits we bring to their businesses."
From data centres in Argentina, China and Germany, FirstVision today supports customers across Latin America, Europe, Middle East and Asia with a single solution that delivers consistent functionality and technology in support of banks and major retailers around the world.
IBQ celebrated its fiftieth anniversary in 2006. The bank has a growing network of 11 branches and 30 ATMs, situated in strategic locations throughout Qatar and in May 2009 launched its Al Yusr Islamic Banking Services.
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 First Data Corporation.
About the International Bank of Qatar (IBQ)
IBQ is a well established and rapidly growing commercial institution, offering a full range of Retail, Private and Corporate Banking solutions. IBQ has a strong commitment to build long-lasting relationships with its customers and provide them with excellent customer service with a focus on making banking simple, convenient and tailored to their needs. IBQ is one of the oldest existing banks in Qatar and celebrated its 50th anniversary in 2006. It has a growing network of 9 branches and 30 ATMs in strategic locations throughout Qatar.
IBQ was named the fastest growing bank in the Middle East by The Banker’s 39 th edition of its “Top 1000 Banks 2009” survey. Additionally, IBQ has previously bagged the Best Customer Service Award for 2008 and 2009 from the Banker Middle East Magazine.
IBQ is 30% owned and managed by the National Bank of Kuwait (NBK), the highest rated bank in the Middle East, and the only bank in the Middle East to be named among the world’s 50 Safest Banks in 2009. IBQ is a growing bank that benefits from an international network as a result of its affiliation with NBK which gives its customers access to greater resources and a wide range of international services. For more information, visit http://www.ibq.com.qa.
Sunayana Kripalani, First Data
+971 4 375 7523
Muna Khogali, International Bank of Qatar
+974 447 3017
Hala Kassab, International Bank of Qatar
+974 4351 113