First Data Expands Partnership with SBI Card to Provide Card Processing Services in India
- Category: Corporate
As part of long-term agreement, SBI will leverage
the latest version of First Data’s innovative VisionPLUS® software
NEW YORK, January 25, 2018 – First Data (NYSE: FDC), a global leader in commerce-enabling technology, today announced an expanded partnership with SBI Card, a leading credit cards issuer in India with more than 5.6 million customers. Under the new, multi-year agreement, First Data will provide comprehensive card management solutions powered by its proprietary VisionPLUS® software. To support the partnership, First Data will operate a new data center facility in India.
“We are thrilled to grow this partnership with SBI Card. As India continues its path towards demonetization, the country remains an important market for us, and we are uniquely positioned as a leader of both card issuance and acquiring solutions in India, driving innovation with mobile and digital solutions,” stated Ivo Distelbrink, Executive Vice President and Head of Asia Pacific for First Data. “First Data is committed to investing in and expanding our business in India, responding to the increasing need for robust, secure and flexible solutions for cardholders, and enabling clients like SBI Card to maintain a competitive edge in the market,” Distelbrink added.
“We are pleased to appoint First Data as our new partner to provide end-to-end processing services hosted in India. First Data will set up and manage new data center facilities in India to provide card management solutions,” Vijay Jasuja, Chief Executive Officer, SBI Card, said. “These services from First Data will enable us to get better economies of scale and enhance services levels. We will also leverage new digital capabilities from First Data in the future. We look forward to a long term association with First Data.”
SBI Card will leverage First Data’s VisionPLUS system, which is a proven global software payment solution, offering service-oriented core architecture capabilities and open APIs for quicker application development and integration. VisionPLUS powers card processing for major issuers across the India market.
“First Data offers comprehensive services to many of the major financial institutions around the world,” said Andrew Gelb, Executive Vice President and Head of Global Financial Solutions for First Data. “This agreement with a great partner, SBI Card, demonstrates the continued expansion of our global processing footprint, the scalability and flexibility of our world-class VisionPLUS platform and services, and our commitment to partnering with the world’s leading financial institutions.”
In India, First Data serves top national and international banks, corporations, and small and mid-sized merchants. First Data powers a significant portion of all eCommerce transactions in India through the First Data payment gateway. The company was also the first to introduce multi-payment and digital self-service channels for merchants through mobile applications.
To learn more about First Data’s VisionPLUS solution, visit here.
About First Data
First Data (NYSE: FDC) is a global leader in commerce-enabling technology, serving approximately six million business locations and 4,000 financial institutions in more than 100 countries around the world. The company’s 24,000 owner-associates are dedicated to helping companies, from start-ups to the world’s largest corporations, conduct commerce every day by securing and processing more than 2,800 transactions per second and $2.2 trillion per year.
About SBI Card
SBI Cards and Payment Services Private Limited (SBI Card) is an Indian financial services company to offer Indian consumers extensive access to a wide range of world-class, value-added payment products and services. Presently, the brand has a wide customer base of over 5.6 million. With a market share of 16%, SBI Card operates through over 100 locations in India. SBI Card is based on the value proposition of “Make Life Simple”.
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