First Data Announces Credit Card Processing Partnership with Citibank
First Data has announced that it has expanded its relationship with Citibank including signing a long-term processing agreement that includes expanding the existing relationship to include processing services for the Sears, Roebuck & Co. Card Portfolios.
The extended partnership will focus on private label and private label co-brand bankcards, in addition to accounts currently processed for Citibank. First Data will add the Sears co-brand bankcard and private label card portfolios in second quarter 2006.Earlier, TSYS announced that it had received official notification from Citibank that it plans to migrate all of its Sears consumer MasterCard and private-label accounts from TSYS beginning in the second quarter of 2006.
TSYS expects to continue supporting commercial-card accounts for Citibank and Sears, as well as Citibank's California Commerce consumer accounts, according to the terms of the existing agreements for those portfolios. The Citibank decision will not impact the company's previously announced guidance of net income growth in the range of 22-25 percent for 2005.
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