First Data Corporation, engaged in transaction processing and information commerce, has entered into a new seven-year payment processing agreement with Nordstrom fsb, a wholly owned subsidiary of Nordstrom and a federally chartered thrift savings bank.
The agreement calls for First Data to provide card processing, call center and back office automation tools, fraud and risk management, customer analytics as well as e-statements and email alerts for Nordstrom’s entire card portfolio including Nordstrom Visa, private label credit and debit cards and commercial cards for Nordstrom employees.
The portfolio totals about 4.5 million card accounts on file. Financial terms of the agreement were not disclosed. The new processing contract with Nordstrom runs through March 2016.
Kevin Knight, chairman and CEO of Nordstrom, said: We are always looking at ways to improve the experience our customers have with us, even regarding details such as how we process our credit transactions. We’re pleased to partner with First Data, a company that has such a strong reputation for their technological capabilities and expertise, and has a clear understanding of our strategic needs.
Ed Labry, president of US division of First Data, added: It is a great honor to have earned the confidence of such a renowned retailer. Our strategic view of the payments industry, our ability to offer the full spectrum of industry-leading services and the expertise of our dedicated employees is the value we can bring to Nordstrom.