Wells Fargo & Company has expanded its agreement for card processing services with First Data.
Under the terms of the agreement, Wells Fargo will move its newly-acquired Wachovia credit card portfolios to First Data for comprehensive card processing services.
First Data already provides data processing services, statement/letter production and mailing, plastic card personalization and fraud services for Wells Fargo’s seven million plus cardholder accounts within its consumer credit and small business card portfolios.
Wells Fargo will add the Wachovia credit card accounts, the Wells Fargo Private Label card accounts and the Personal Credit Management line of credit accounts to the existing Wells Fargo portfolios serviced on First Data’s system. Additional terms are not being disclosed.
“Expanding our long-standing partnership with Wells Fargo clearly demonstrates that First Data’s single platform solution, economies of scale and continuous investment in technology enables our clients to grow and build stronger relationships with their customers,” says Matt Kardell, senior vice president, Sales and Strategic Account Relationships, First Data.
“Wells Fargo has enjoyed a long relationship with First Data and we are pleased to announce the expansion of our agreement,” says Kevin Rhein, head of Wells Fargo Card Services and Consumer Lending.
L.D.