First Data International, a leader in electronic commerce and payment services around the world, today announced the successful conversion of Riyad Bank’s credit card portfolio to First Data’s VisionPLUS® processing platform.
Riyad Bank is one of the largest and most well respected financial institutions in Saudi Arabia, with a strong and growing retail banking and corporate business offering both Sharia’a compliant and conventional banking products. First Data and Riyad Bank have worked in partnership since 1994, and the conversion project is underpinned by the renewal of First Data’s processing contract with Riyad Bank for more than five additional years. During this period, First Data will process both VISA and MasterCard credit card portfolios for Riyad Bank, as well as provide secure PIN print and mail services to the bank’s customer base. Plans are also underway to support a new Islamic card product.
Mr Adnan Al-Joyan, senior vice president, Retail Banking Services, from Riyad Bank said: “We are pleased to strengthen our long-term co-operation with First Data with this significant conversion. The new platform will enable Riyad Bank to offer an extended suite of financial services products and will support new customer acquisition and cross-selling to our existing customers. We are dedicated to delivering first-in-quality and first-in-value services in Saudi Arabia, and First Data is the partner we can trust to provide reliable, high quality services that enable us to deliver what we promise to our clients.”
George Zafirakis, vice president in charge of First Data’s operations in Southern Europe, Middle East and Africa, comments: “More and more customers in this region recognize the benefits of our robust processing platform in helping them to improve customer management, operational efficiency and risk management. We are delighted that Riyad Bank, a long-term client, continues to entrust its important processing services to our organization. Conversion of a major card portfolio is always a significant and challenging exercise and the success with which this has been achieved demonstrates the strength of our partnership with Riyad Bank.”
Providing card and loan processing solutions to many of the leading financial institutions around the world, First Data's VisionPLUS platform is a reliable and highly flexible end-to-end solution, complemented by an extensive range of value-added services. System development and customisations for clients in Europe and the Middle East are handled through First Data’s VisionPLUS development centre based in Athens, Greece.
About First Data International
First Data International, part of First Data Corp. (NYSE: FDC), is a leading provider of electronic commerce and payment solutions for financial institutions and merchants around the world. First Data International serves a diverse range of markets, leveraging global scale through a local presence and maintaining focus on individual client needs. The company has more than 5,800 employees and operates across Europe, Middle East and Africa, Latin America, Canada, Australia and Asia-Pacific.
First Data serves 4.6 million merchant locations, 1,700 card issuers and millions of consumers, First Data powers the global economy by making it easy, fast and secure for people and businesses around the world to buy goods and services using virtually any form of payment. The company's portfolio of services and solutions includes credit, debit, private-label, gift and other prepaid card issuing and merchant transaction processing services; money transfer services; money orders; fraud protection and authentication solutions; check guarantee and verification services through TeleCheck; as well as Internet commerce and mobile solutions. Western Union, together with its affiliates Orlandi Valuta and Vigo, are leaders in global money transfer, providing people with fast, reliable and convenient ways to send money around the world, pay bills and purchase money orders through a network of over 270,000 agent locations in more than 200 countries and territories. The company's STAR Network offers PIN-secured debit acceptance at 1.9 million ATM and retail locations. For more information, visit www.firstdata.com.
