Source: TSYS
TSYS has added five years to its current agreement with Bank of America to provide exclusive processing services through 2014. The expanded relationship covers all consumer- and commercial-credit Visa and MasterCard accounts issued by Bank of America, as well as the recently acquired portfolio of FleetBoston Financial Corp.
"This extension reaffirms the value that TSYS delivers to Bank of America and its customers every day. We're proud to be a real partner with such a world-class organization, and we look forward to helping Bank of America be even more successful," says Philip W. Tomlinson, chief executive officer for TSYS.
Bank of America ranks as the No. 4 card issuer in the United States, with a combined portfolio of more than $53.8 billion in receivables, according to the most recent ranking in The Nilson Report.
Through its forerunner institutions, Bank of America is considered among the longest-running TSYS client relationships. Bank of America also was one of the first institutions to switch to TS2, which services more cardholder accounts for the top 15 institutions than any other processing system.
TSYS also processes Bank of America's merchant accounts through Vital Processing Services, a joint venture with Visa U.S.A. TSYS recently announced an agreement with Visa to acquire its 50-percent equity stake in Vital Processing. The acquisition is expected to close in the first quarter.