JP Morgan Chase Selects TSYS for Credit Card Processing
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.
Under the agreement, TSYS will provide all card processing functions, such as maintaining account transaction information and providing transaction authorizations. In the future, Chase will have the option to transfer card processing services in-house under a license of the TS2 software.As a result of this announcement, First Data Resources, the card issuer processing unit of First Data Corp. will no longer be handling the processing for the original JP Morgan Chase card portfolio, formerly one of its largest customers. In March 2003, Bank One had announced its decision to move its card issuer processing from FDR to TSYS.
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