JP Morgan Chase and TSYS announced late today that Chase has selected TSYS to provide credit card processing for the merged card portfolios of the former Bank One Corp. and JPMorgan Chase. A definitive contract is expected to be completed within a few weeks. READ MORE »

Amy Wu reports in today's San Francisco Chronicle on a recent study by Deloitte showing a large increase in offshoring of jobs by financial services firms.

The report forecasts that by 2010, the world's 100 largest financial institutions will move $400 billion of their cost base offshore, saving an average of just under $1.5 billion annually each. The survey also forecasts that by 2010 more than 20 percent of the financial industry's global cost base will have gone offshore.

A study by FDC's Valuelink reports that gift cards are becoming increasingly used in corporate incentive programs. READ MORE »

Edgar Dunn's Ken Howes explores the merchant card acquiring business (PDF). Howes suggests that some of the industry folklore about that side of the business needs to be re-examined and explores some new opportunities for business growth.

Your Credit Card Companies, a group of financial services companies whose membership includes Capital One, Chase Manhattan Bank USA, Citigroup, Discover Card, MasterCard and MBNA, has published a press release on the Fair and Accurate Credit Transactions Act of 2004 (FACT Act) highlighting the benefits of the act for consumers.