Under this agreement, Kreditkort hf. will begin the first phase of managing all aspects of American Express' merchant relationships in Iceland, including the acquiring of new American Express merchants and servicing existing merchants.

American Express will continue to have responsibility for all elements of card operations — including cardmember billing and payment systems, accounting, customer service, credit and fraud control.

“Our partnership with Kreditkort hf. marks a significant step in developing our merchant network in markets around the world,” said Pascal Guignard, vice president, American Express Global Network Services. “We are delighted to have forged this relationship with Kreditkort hf., as both companies share similar objectives of delivering superior customer service and innovation. Kreditkort hf. is a strong local partner who will be able to meet the needs of a growing merchant base.”

“The agreement with American Express is in line with our policy of increasing our focus on merchant acquiring and strengthening our overall international ties,” said Ragnar Onundarson, Chief Executive Officer, Kreditkort hf. “In addition, there are a steadily rising number of tourists visiting Iceland every year. Through this agreement, we will be able to enhance payment services throughout Iceland to better meet the needs of foreign visitors.”

As a result of this agreement, Icelandic merchants will benefit from:

• Full local market servicing and support — available by calling a local phone number
• 24-hour electronic card authorizations locally through Kreditkort hf.
• One integrated statement in Icelandic Kronas, itemizing all credit card sales and facilitating the reconciliation of transactions
• Quick merchant set-ups
• New tailored marketing opportunities

These services will be rolled out to Icelandic merchants immediately.

About Kreditkort hf.
Since its foundation in 1980, Kreditkort hf. has been a leader in payment solutions in Iceland. Kreditkort hf. acquires and services merchants who accept Maestro debit cards, MasterCard, JCB, Diners Club and, now, American Express Cards.

About American Express Global Network Services
Since 1996, American Express has been pursuing a strategy of opening its merchant network and card product portfolio to third-party issuers around the world. By leveraging its global infrastructure and the powerful appeal of the American Express brand, the company aims to gain an even broader reach for its network worldwide. American Express has established card-issuing partnership arrangements in more than 90 countries.