First Data Extends Payment Processing Agreement With GE Consumer Finance-Americas
Tuesday June 10, 9:48 am ET
biz.yahoo.com
DENVER, June 10 /PRNewswire-FirstCall/ -- First Data Corp. (NYSE: FDC), a global leader in electronic commerce and payment services, today announced that it has signed a five-year extension of its long-term agreement to provide transaction processing services for GE Consumer Finance-Americas.
First Data is actively converting GE Consumer Finance-Americas portfolios to the First Data system, which processes bankcard and private-label credit card transactions. Transaction processing entails a host of services, including posting of transactions, account management and statementing of accounts. The conversions are scheduled to be complete by the end of 2004.
"We have built a strong relationship with First Data over the past five years, and look forward to continuing to work with the team to deliver on customer expectations and growth goals," said Mark W. Begor, president and CEO, GE Consumer Finance-Americas.
"We are pleased to expand our partnership with GE Consumer Finance," said Charles T. Fote, president and chief executive officer, First Data Corp. "This is another example of the confidence our clients have in First Data to deliver an unprecedented voice in the introduction of innovative payment offerings."
First Data currently processes more than 80 million private label accounts. First Data is the industry leader in private label processing, and through the reformulation of its technical platform, First Data now offers the marketplace a system that delivers faster time to market, improved product development and multi-dimensional access to data. |
