Collaboration with First Data Enables OLB to Introduce Numerous Innovative Card Products
BAD VILBEL, July 4, 2011 – First Data Corporation, a global leader in electronic commerce and payment processing, has extended its contract with Oldenburgische Landesbank AG (OLB) for a further five years. The agreement covers First Data services provided to its business units OLB Regionalbank and Allianz Bank.
Under the terms of the agreement, First Data will be responsible for providing issuing processing services for both banks' credit card portfolios, to include processing electronic transactions and the provision of operational services such as applications processing, client services, fraud management and disputes and collections services. The contract extension follows the successful migration of Allianz Bank's credit card portfolio, which has enabled the banks to consolidate both credit card portfolios on to a single platform provided by First Data.
The consolidation lays the foundations for the growth of Allianz Bank's card business. From July 2011 onwards, First Data and OLB will build a new product landscape and develop new products for different customer groups. For example, OLB Regionalbank will introduce a new prepaid card offering and Allianz Bank will issue new account and card types using a variety of new card products.
Olaf Mohrschladt, head of Product Management at OLB, said: "In First Data, we have found a powerful services provider that understands our requirements and that can provide the payments expertise so valued by our business units OLB Regionalbank and Allianz Bank and also our cardholders. First Data is the ideal provider to support the growth of our card business."
Wolfgang Heinrich, managing director of First Data in Germany, said: "We are delighted that OLB and its subsidiary, Allianz Bank, have taken the decision to extend their agreement with us, confirming our positive cooperation to date and marking the successful consolidation of their credit card portfolios. The contract prolongation is best proof of the reliability and quality of our services. We are looking forward to our further cooperation with OLB."
About Oldenburgische Landesbank
As the largest private regional bank in Germany and a provider of modern and professional financial services, Oldenburgische Landesbank AG (OLB) concentrates its business in the Lower Saxony/Bremen region. Its educated and trained employees offer retail, corporate and freelance clients a dedicated and client-oriented service, relevant products and bespoke solutions. OLB's solid business model, which was successful during the financial crisis, is geared to customer proximity and cooperation. Its subsidy OLB Regionalbank stands for trust, sustainability and success.
Under its overall concept 'OLB as customer bank', OLB is focussed on providing excellent service, attractive products and proximity to customers. Key initiatives of this concept include improving client satisfaction, client interaction and growing its private banking business. In addition, the bank supports a variety of community and regional projects.
Allianz Bank, a subsidiary of OLB, offers its banking products and services through an agent network of Allianz branches nationwide.
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.
Britta Silchmüller, Oldenburgische Landesbank
+49 441 221-1213
Andrea Pansegrau, First Data
+49 175 5733-786