People's Bank Expands Relationship with First Data Resources Inc.

Strategic Insights -

People's Bank, a diversified financial services company based in Bridgeport, Connecticut, has announced a new long-term agreement with First Data Resources Inc. to process its domestic credit, debit, and commercial card accounts. This expansion of the existing relationship between the two companies brings People's Bank's total portfolio under First Data's processing to over 2 million accounts. The agreement builds on the successful partnership between People's Bank and First Data, which began in 1996 when FDRLimited, a European transaction card processor, started processing the bank's United Kingdom credit card portfolio.

Key Takeaways:

  • People's Bank has entered into a new long-term agreement with First Data Resources Inc. to process its domestic credit, debit, and commercial card accounts.
  • The agreement expands the existing relationship between the two companies, which began in 1996, to include People's Bank's domestic portfolio, in addition to its United Kingdom credit card portfolio.
  • The deal brings People's Bank's total portfolio under First Data's processing to over 2 million accounts.
  • First Data will provide People's Bank with operational efficiencies and continued growth and profitability for its card portfolio through the leverage of First Data's scale of resources and leading-edge technology.
  • John Klein, Executive Vice President of People's Bank, cited the company's ability to grow internationally and expand employment opportunities in its Bridgeport headquarters as key factors in the decision to expand the relationship with First Data.
  • Richard A. Zehnacker, managing director of business development for FDR, stated that the partnership will allow People's to achieve operational efficiencies and continued growth and profitability for its card portfolio.

Statistics:

  • Over 2 million domestic credit, debit, and commercial card accounts issued by People's Bank will be processed by First Data Resources Inc.
  • People's Bank has 42 branches located in Super Stop & Shop stores, generating significant supermarket banking revenue.
  • The bank is the 19th largest issuer of MasterCard and Visa credit cards nationally.
  • First Data and its principal operating units process the information that allows millions of consumers to pay for goods and services by credit, debit, or smart card.

Sources:

  • PRNewswire. (Dec. 28). People's Bank Selects First Data Resources for Domestic Credit and Debit Card Processing. Retrieved from www.prnewswire.com
  • People's Bank. (n.d.). About Us. Retrieved from www.peoples.com
  • First Data Corporation. (n.d.). About Us. Retrieved from www.firstdatacorp.com