Arab Financial Services (AFS), a provider of electronic payments and consumer finance outsourcing services in the Middle East, has entered into an agreement with First Data, a global provider of electronic commerce and payment solutions, to leverage First Data’s global processing power to support its regional client base.
AFS currently licenses First Data’s VisionPLUS software to manage a portfolio of more than 1 million payment cards.
Under the new agreement, AFS clients will have the opportunity to benefit from First Data’s strategic issuing and consumer finance solution FirstVision that incorporates an enhanced version of VisionPLUS as well as a full range of associated operational and value-added services.
Shankar Sharma, CEO of Arab Financial Services, said: “AFS continually aims to provide its clients with industry-leading customer service and access to innovative and integrated solutions with the objective of helping them grow their business. First Data has the scale, resources, experience and processing focus to provide our clients with a continued high level of service during the transition as well as provide for their future growth. We are confident that this agreement is in the best interest of our clients.”
Brian Quarrie, managing director of Middle East at First Data, said: “We are delighted to reach this agreement to deliver processing services in support of Arab Financial Services’ clients, some of which are already using other services from First Data. We look forward to ensuring continuity of service at the highest levels and to extending and deepening our relationships with these organisations over time.”