Electronic e-commerce and payment processor, First Data, has expanded its relationship with UK specialist credit card lender SAV Credit. In addition to supporting all of SAV’s existing credit business, First Data will from now on also support the retail co-branded card business of SAV Credit, recently acquired from Santander after a transitional service period.
Under the long-term agreement, First Data will process the card accounts on FirstVision, its strategic card issuing and consumer finance processing platform, to provide a range of services including fraud and risk management, loyalty and fulfilment solutions, as well as cardholder acquisition and credit management. In addition, First Data will support SAV Credit in enhancing the customer experience for its co-brand cardholders through digital innovations.
SAV Credit recently completed the acquisition of Santander UK’s retail co-brand card and point-of- sale (POS) finance business, which comprises retail relationships with many of the UK high street’s most recognisable brands, including The Arcadia Group, Debenhams, House of Fraser, Laura Ashley and others, with over 3.5 million customer accounts.
“When you acquire a portfolio of this size it is important to have a trusted partner that has experience in successfully completing large-scale migrations,” said James Corcoran, SAV Credit’s chief executive officer (CEO). “We have been working with First Data for a number of years now, and SAV through its wide range of services and deep industry knowledge it has become a key partner for us.”