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Successful conversion of Riyad Bank’s card portfolio by First Data International

Saudi Arabia: Tuesday, August 29 - 2006 @ 12:40

Riyad Bank is one of the largest and most well respected financial institutions in Saudi Arabia, with a strong and growing retail banking and corporate business offering both Sharia’a compliant and conventional banking products. First Data and Riyad Bank have worked in partnership since 1994, and the conversion project is underpinned by the renewal of First Data’s processing contract with Riyad Bank for more than five additional years. During this period, First Data will process both VISA and MasterCard credit card portfolios for Riyad Bank, as well as provide secure PIN print and mail services to the bank’s customer base. Plans are also underway to support a new Islamic card product.

Mr Adnan Al-Joyan, senior vice president, Retail Banking Services, from Riyad Bank said:

“We are pleased to strengthen our long-term co-operation with First Data with this significant conversion. The new platform will enable Riyad Bank to offer an extended suite of financial services products and will support new customer acquisition and cross-selling to our existing customers. We are dedicated to delivering first-in-quality and first-in-value services in Saudi Arabia, and First Data is the partner we can trust to provide reliable, high quality services that enable us to deliver what we promise to our clients.”

George Zafirakis, vice president in charge of First Data’s operations in Southern Europe, Middle East and Africa, comments: “More and more customers in this region recognize the benefits of our robust processing platform in helping them to improve customer management, operational efficiency and risk management. We are delighted that Riyad Bank, a long-term client, continues to entrust its important processing services to our organization. Conversion of a major card portfolio is always a significant and challenging exercise and the success with which this has been achieved demonstrates the strength of our partnership with Riyad Bank.”

Providing card and loan processing solutions to many of the leading financial institutions around the world, First Data’s VisionPLUS platform is a reliable and highly flexible end-to-end solution, complemented by an extensive range of value-added services. System development and customisations for clients in Europe and the Middle East are handled through First Data’s VisionPLUS development centre based in Athens, Greece.

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Tuesday, August 29- 2006 @ 12:40 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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