First Data has expanded partnership with SBI Card, a credit cards issuer in India with over 5.6 million customers.
Under the new, multi-year agreement, First Data will provide comprehensive card management solutions powered by its proprietary VisionPLUS® software. To support the partnership, First Data will operate a new data center facility in India.
First Data executive vice president and Asia Pacific head Ivo Distelbrink said: “We are thrilled to grow this partnership with SBI Card. As India continues its path towards demonetization, the country remains an important market for us, and we are uniquely positioned as a leader of both card issuance and acquiring solutions in India, driving innovation with mobile and digital solutions.
“First Data is committed to investing in and expanding our business in India, responding to the increasing need for robust, secure and flexible solutions for cardholders, and enabling clients like SBI Card to maintain a competitive edge in the market."
SBI Card CEO Vijay Jasuja said: “We are pleased to appoint First Data as our new partner to provide end-to-end processing services hosted in India. First Data will set up and manage new data center facilities in India to provide card management solutions.
“These services from First Data will enable us to get better economies of scale and enhance services levels. We will also leverage new digital capabilities from First Data in the future. We look forward to a long term association with First Data.”
SBI Card will leverage First Data’s VisionPLUS system, which is a proven global software payment solution, offering service-oriented core architecture capabilities and open APIs for quicker application development and integration. VisionPLUS powers card processing for major issuers across the India market.
First Data executive vice president and global financial solutions head Andrew Gelb said: “First Data offers comprehensive services to many of the major financial institutions around the world.
“This agreement with a great partner, SBI Card, demonstrates the continued expansion of our global processing footprint, the scalability and flexibility of our world-class VisionPLUS platform and services, and our commitment to partnering with the world’s leading financial institutions.”
In India, First Data serves top national and international banks, corporations, and small and mid-sized merchants. First Data powers a significant portion of all eCommerce transactions in India through the First Data payment gateway. The company was also the first to introduce multi-payment and digital self-service channels for merchants through mobile applications.