Firstsource Solutions (NSE: FSL) today announced that it has signed a five-year, upto US $80 million outsourcing partnership agreement with Barclays PLC (NYSE: BCS) U.S. credit card business.
Under the terms of the agreement, Firstsource will manage and operate Barclays operations center in Colorado Springs, and provide customer care and collections support to Barclays U.S. cardholders.
The partnership is expected to provide Barclays with increased operational efficiency and flexibility, and help both companies support their expanding operations in the U.S. The new Firstsource employees in Colorado Springs will continue to be focused on providing services to Barclays U.S. cardholders.
"Firstsource brings a wealth of knowledge and expertise in running large customer support operations for major financial institutions, and we look forward to working with them to enhance our customer service capabilities." said Lloyd M. Wirshba, Chief Executive Officer of Barclays U.S. credit card business. "The partnership will support our extraordinary growth and allow us to continue our tradition of outstanding service delivery to our customers and our partners."
Ananda Mukerji, MD & CEO of Firstsource said, "This is an ideal partnership for Firstsource and Barclays, For Barclays, Firstsource will apply best practices honed by years of collaboration with other major financial institutions to increase efficiency, productivity and customer satisfaction. For Firstsource, the addition of Barclays adds another top institution to our Financial Services practice."