Tuesday April 6 , 2010

Bahrain - Arab Financial Services (AFS), a leading provider of electronic payments and consumer finance outsourcing services in the Middle East, today announced an agreement with First Data Corporation, a global leader in electronic commerce and payment solutions, in which, AFS will leverage First Datas global processing power to support its regional client base.

The agreement with First Data reinforces AFSs commitment to bring world-class card processing solutions to its valued client base. AFS currently licenses First Datas 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 Datas strategic issuing and consumer finance solution FirstVision. FirstVision incorporates an enhanced version of VisionPLUS as well as a full range of associated operational and value-added services.

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, said Shankar Sharma, chief executive officer of Arab Financial Services. 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.

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, said Brian Quarrie, managing director, Middle East, 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.

First Datas scale and strength has enabled it to continue to invest through the current economic downturn, focusing on the development of FirstVision a single solution that delivers consistent functionality and technology in support of banks and major retailers around the world. From data centres in Argentina, China and Germany, today FirstVision supports customers across Latin America, Europe, the Middle East and Asia.

Through this relationship AFS and First Data bring global processing capabilities and expertise with a regional flavour.