The Bank of The Bahamas was one of three banks in the region that has entered into an agreement with First Data International, part of First Data Corp, which offers electronic commerce and payment services to retail, commercial and merchant banks over the globe.
According to a news release from First Data Corp, Bank of The Bahamas will use Processing Centre S.A. (PROCESA), which is First Data's "sister" company, to service its credit card and prepaid portfolios.
In December there was a special launch of the Bank of The Bahamas' new debit card which was officially extended to the public in January.
Pam Patsley, President of First Data International, was quoted as saying in the release, "These agreements signal the great success of PROCESA since its inception just over two years ago, and we are grateful for the opportunity to work with these leading financial institutions in this region."
Ms Patsley said further, "These companies selected First Data based on their confidence in our ability to provide flexible and competitive services that allow them to grow and expand their business."
Bank of The Bahamas Trust's Manager Tanya Wright agrees. She was the one responsible for signing off on the agreement between the two companies.
"Our relationship with First Data International dates back several years," said Ms Wright further explaining that that company has been the processor for Bank of The Bahamas' merchant services.
"We were very pleased with the direction that was given to us by PROCESA because they were extremely instrumental in our [establishing] the prepaid card.
They have a branch that is dedicated to Latin America and The Caribbean which offers products that are traditionally offered exclusively to this region, so they have been extremely helpful," Ms Wright said.
First Data International prides itself on being "the leading provider of electronic commerce and payment solutions for financial institutions and merchants around the world."
The company also services a diverse market, including Fidelity Bank in Barbados and New England Bankcard Association.
First Data also claims to service 4.6 million merchant locations, 1,500 card issuers and millions of consumers all over the globe. "First Data 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 release read. Since the launch of its card to the public in January, Ms Wright said that the response to it has been overwhelmingly positive.
"Many people have seen this as a viable bankcard option and our clientele expands the realm of our customers, ranging from new clients, to those that had a relationship with the bank already, but were looking for a different option like the one we are now offering, over the traditional credit-based product."
Since the bank launched the card, Ms Wright said, "thousands" of customers have signed up for it.
By: BARRY WILLIAMS, The Nassau Guardian
