"Defining Moment" for TSYS
Tony Adams writes in TSYS' hometown paper, the Columbus Ledger-Enquirer, about yesterday's announcement that TSYS will be processing Capital One's credit card accounts.
First Data has been steadily losing business to TSYS. For instance, JPMorgan Chase finalized an agreement in October to move 46 million accounts to TSYS in the third quarter of this year. First Data acknowledged the loss in its SEC filing, saying it would cost the firm 10 percent of its card-processing revenue. Bank of America also declared last summer that TSYS would retain 12 million FleetBoston accounts, while First Data has been losing FleetBoston business.
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