The agreement covers First Data services provided to its business subsidiaries OLB Regionalbank and Allianz Bank.
Under the terms of the agreement, First Data will be responsible for providing issuing processing services for both banks’ credit card portfolios, to include processing electronic transactions and the provision of operational services such as applications processing, client services, fraud management and disputes and collections services.
First Data said the extension follows the successful migration of Allianz Bank’s credit card portfolio to a single platform provided by First Data.
From July 2011 onwards, First Data and OLB will build a new product landscape and develop new products for different customer groups.
Allianz Bank, OLB, offers its banking products and services through an agent network of Allianz branches nationwide.
