First Data, a global leader in electronic commerce and payment processing services, announced today that it has signed a four-year processing agreement with International Bank of Qatar (IBQ), one of the leading banks in Qatar.
Under the terms of the agreement, First Data will host IBQ’s entire credit card portfolio on its FirstVisionTM processing solution. The agreement extends First Data’s market reach into Qatar and provides further evidence of the company’s commitment to supporting the electronic payments landscape within the Middle East region.
Philip King, head of retail at IBQ, said: "We believe that First Data has the breadth of services we need to expand our current card portfolio and is also committed to supporting our strategic long-term retail banking initiatives. Through the rich functionality of FirstVision, First Data brings us the tools and capabilities we require to offer an extended suite of financial services to our valued clients, rapidly and efficiently.”
Services provided by First Data will cover the full spectrum of card processing services, ranging from front-end services in card application management, transaction processing, authorizations, clearing and settlement, to card account management, loyalty processing and fraud management solutions. All client services support will be provided from First Data's offices in Dubai.
Brian Quarrie, managing director of First Data in the Middle East, said, “IBQ has signaled its confidence in First Data, and I'm very proud that we will support the bank's expansion in the Qatar credit card market. For years, First Data has offered customers in the region and across the globe a set of modern and innovative solutions that meet market requirements and customer needs. As a result, banks in the region truly value working with us and appreciate the added benefits we bring to their businesses."
First Data’s scale and strength has enabled it to continue to invest through the current economic downturn. From data centres in Argentina, China and Germany, FirstVision today supports customers across Latin America, Europe, Middle East and Asia with a single solution that delivers consistent functionality and technology in support of banks and major retailers around the world.
IBQ celebrated its fiftieth anniversary in 2006. The bank has a growing network of 11 branches and 30 ATMs, situated in strategic locations throughout Qatar, and in May 2009 launched its Al Yusr Islamic Banking Services.
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