TSYS seals Capital One card processing contract

TSYS seals Capital One card processing contract

Electronic payment processor TSYS has finalised a five year deal to provide card processing services to US credit card firm Capital One. Financial terms of the agreement were not disclosed.

Under the contract TSYS will provide processing services for Capital One's North American portfolio of consumer and small business credit card accounts. TSYS says it expects to maintain card processing functions for a minimum of five years.

Capital One will also have the opportunity to license the TS2 platform under a long-term payment structure after a minimum of three years.

Commenting on the deal, Catherine West, president of US cards, Capital One, says: "This outsourcing agreement provides Capital One access to TSYS' innovative technology platform and creates the foundation for a long term partnership."

The vendor says the phased migration from Capital One's proprietary processing system over to its TS2 payments engine will begin in late 2006 and complete in early 2007.

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