First Data has renewed a contract with UK card issuer Vanquis Bank to 2017. The seven-year card processing agreement will include migration of bank’s portfolio of cards to FirstVision. Co-operative Financial Services has also renewed a card issuing and processing agreement with First Data until 2017.
First Data has had a longstanding relationship with Vanquis since supporting the launch of the banks credit card portfolio in 2003. During this time Vanquis has achieved success building this portfolio to approximately 400,000 cards today. Throughout the life of the new agreement, First Data will continue to provide a range of processing applications and surround services to the bank for their credit card portfolios as well as supporting their growing prepaid card offering.
The Co-operative Financial Services (CFS), part of The Co-operative Group, the UK consumer co-operative, have announced an eight year extension of their card issuing and processing agreement.
Under the terms of the agreement, First Data will continue to provide support across the entire payments value chain, handling processing for approximately 1.7 million debit cards and one million credit cards per annum. In addition, the agreement encompasses a range of surround services for CFS including the provision of First Datas commercial card management package, D.Cal. First Data will also manage the migration of CFSs credit and debit card portfolios to FirstVisionTM, its issuing solution, during the course of the next 12 months.
First Datas track record in providing reliable systems was instrumental in our decision to renew, says Phil Pringle, head of commercial delivery, Vanquis. We felt that First Data offered the breadth of solutions and expertise to continue to support our planned growth.
First Data has delivered considerable value and expertise to our business to date and this was a significant factor in our decision to extend our partnership with them, says Tony Sellers, head of payment services, The Co-operative Financial Services. In FirstVision we have a single and comprehensive solution for our card payment processing needs which will enable us to get even closer to our customers and continue to deliver a broad range of products and services to support their various needs.
L.D.