BB&T signs multi-year card processing agreement with Fidelity
Fidelity National Information Services, Inc. (NYSE: FIS), today announced that Columbus, Ga.- based BB&T Bankcard Corporation has signed a multiyear consumer and commercial credit card processing agreement with FIS' Card Services division. BB&T Bankcard Corporation is a wholly owned subsidiary of BB&T Corporation (NYSE: BBT), Winston-Salem, N.C., and one of America's 'Best Big Companies' in Forbes Platinum 400 List.
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Under the terms of the five-year agreement, FIS will process all transactions for consumer and commercial credit cards issued by BB&T Bankcard Corporation.
"BB&T will realize significant savings from a process improvement standpoint as a result of this agreement," said Bud Tremblay, president and chief executive officer of BB&T Bankcard Corporation and manager of BB&T's Bankcard and Merchant Services division. "The products and services that FIS brings to the table will enable us to get new products to market faster and strengthen our relationships with our cardholders, both of which translate to increased revenue and improved shareholder value."
Large-volume credit card processing is yet another facet of FIS' comprehensive and scalable suite of solutions for financial institutions, including core processing, channel solutions, integration, outsourcing and payment solutions.
"BB&T's agreement to entrust FIS with all its credit card transaction processing speaks volumes to the confidence BB&T has placed in our systems and processes," said Robert Bream, president of FIS North America Card Services. "We're confident FIS' efficiencies and expertise in credit card processing will positively impact BB&T's bottom line, and we're pleased to have this opportunity."