LONDON, Jan. 27, 2010 – First Data Corporation, a global leader in electronic commerce and payments processing services, and Riyad Bank, a leading financial institution in Saudi Arabia, today announced the successful implementation of a new credit card reward programme for Riyad Bank customers.
Riyad Bank’s Hassad rewards programme is an automated, points-based loyalty programme powered by First Data's loyalty technology on FirstVisionTM, its global issuing and consumer finance processing solution. Participating cardholders can earn one Hassad reward point for every 10 Saudi riyal spent on Riyad Bank credit cards and redeem them at selective outlets.
"Riyad Bank has enjoyed a long and fruitful relationship with First Data and First Data has delivered considerable value and expertise to our business,” said Mr. Riyad Al-Zahrani, senior vice president of retail banking at Riyad Bank. “It is well known that acquiring a new customer and keeping a current one are equally important and our loyalty programme plays a key role in achieving both objectives".
"Loyalty programmes today have become a powerful force shaping competition among financial institutions,” said Brian Quarrie, managing director of First Data’s business in the Middle East. “Riyad Bank is one of our oldest clients in the Middle East region, and we are delighted to help the bank strengthen its relationship with its customers and create a competitive advantage for itself in the market.”
Today, FirstVision supports customers across Europe, the Middle East, Latin America and Asia and provides a single solution that delivers consistent functionality and technology in support of banks and major retailers around the world.
About Riyad Bank
Riyad Bank is one of the largest financial institutions in the Middle East, offering banking services to a large base of retail and corporate customers, with 208 branches. The bank also offers an extensive range of electronic banking services through a network of 2,413 ATMs and an advanced online banking platform.
www.riyadbank.com
About First Data
First Data powers the global economy by making it easy, fast and secure for people and businesses to buy goods and services using virtually any form of electronic payment. Whether the choice of payment is a gift card, a credit or debit card or a check, First Data securely processes the transaction and harnesses the power of the data to deliver intelligence and insight for millions of merchant locations and thousands of card issuers in 36 countries. For more information, visit www.firstdata.com.
Contact
Sunayana Kripalani, First Data
+971 4 3757523
Sunayana.Kripalani@firstdata.com