First Data will continue to provide card processing services to Bank One through to September 2005, after resolving a dispute over the termination of its initial contract with the bank.
In August, First Data said it had failed to close a processing contract with Bank One and was going to arbitration. The dispute centered on whether First Data must offer processing services to Bank One at current rates after June 2004, when the initial agreement expires.
Earlier in the year Bank One said it would shift its credit-card processing to Tsys' TS2 platform in mid-2004, eventually migrating its processing in-house under license two years later.
Financial terms of the new agreement were not disclosed.