First Data Corp., a global technology leader in transaction processing and information commerce, announced today it has entered into a new payment processing agreement with Nordstrom fsb, a wholly owned subsidiary of Nordstrom, Inc. and a federally chartered thrift savings bank.
The seven-year 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(R), 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.
"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," said Kevin T. Knight, chairman and chief executive officer of Nordstrom fsb, president of Nordstrom Credit, Inc. "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."
"It is a great honor to have earned the confidence of such a renowned retailer," said Ed Labry, president, First Data's U.S. division. "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."
Nordstrom, Inc. works with First Data's TeleCheck(R) unit for check verification services. The new processing contract with Nordstrom fsb runs through March 2016.
About First Data
The seven-year 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(R), 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.
"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," said Kevin T. Knight, chairman and chief executive officer of Nordstrom fsb, president of Nordstrom Credit, Inc. "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."
"It is a great honor to have earned the confidence of such a renowned retailer," said Ed Labry, president, First Data's U.S. division. "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."
Nordstrom, Inc. works with First Data's TeleCheck(R) unit for check verification services. The new processing contract with Nordstrom fsb runs through March 2016.
About First Data
First Data is a global technology leader in information commerce. The company processes transaction data of all kinds, harnesses the power of that data and delivers innovations in secure infrastructure, intelligence and insight for its customers. With operations in 37 countries, First Data serves over 5.4 million merchant locations, 2,000 card issuers and their customers. It powers the global economy by making it easy, fast and secure for people and businesses around the world to buy goods and services using virtually any form of payment. The company's portfolio of services and solutions includes merchant transaction processing services; credit, debit, private-label, gift, payroll and other prepaid card offerings; fraud protection and authentication solutions; electronic check acceptance services through TeleCheck; as well as Internet commerce and mobile payment solutions.
The company's STAR Network offers PIN-secured debit acceptance at 2.1 million ATM and retail locations. Through First Data's centers of excellence, such as security, analytics, customer loyalty and mobile payments, it offers data-driven commerce solutions for customers around the globe. For more information, visit www.firstdata.com.
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