News

TSYS finalizes credit-portfolio agreement with Bank of America

January 27, 2005

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COLUMBUS, Ga. - TSYS has added five years to its current agreement with Bank of America to provide exclusive processing services through 2014, according to a news release.

The expanded relationship covers all consumer- and commercial-credit Visa and MasterCard accounts issued by B of A, 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," said Philip W. Tomlinson, CEO for TSYS. "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."

B of A 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.

B of A is considered to be one of the longest-running TSYS client relationships. The bank 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 B of A's merchant accounts through Vital Processing Services, a joint venture with Visa U.S.A. And TSYS recently announced an agreement with Visa to acquire its 50-percent-equity stake in Vital Processing.