Wells Fargo, the fourth-largest US banking group by assets and recent acquirer of beleaguered institution Wachovia, has announced it is to move the newly-acquired bank’s credit card portfolio over to global payment and processing specialist First Data.
The move will mean that all Wachovia credit card accounts, as well as Wells Fargo private-label and personal credit management lines of credit accounts, are to be taken over by the processor. Wells Fargo completed its purchase of Wachovia in December last year.
First Data already manages Wells Fargo’s seven million-plus cardholder accounts within its consumer credit and small business portfolios as well as providing data processing services, statement, letter production and mailing, plastic card personalisation and fraud services.
Wells Fargo has been a client of First Data since 1971, and has around 28 million credit and debit cards in issue, including the Wachovia portfolio, and around 10,400 branches and 12,000 ATMs in its US territories.
“Expanding our long-standing partnership with Wells Fargo clearly demonstrates that First Data’s single platform solution, economies of scale and continuous investment in technology enables our clients to grow and build stronger relationships with their customers,” said Matt Kardell, senior vice-president of sales and strategic account relationships for First Data.
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