EDS (NYSE: EDS) and Cardware Systems, LLC today announced a 10-year, $54 million business process outsourcing (BPO) services agreement to support Cardware Systems' proprietary technology and prepaid stored value card programs.
Under the agreement, EDS will deliver a full range of card processing and customer service management activities for Cardware Systems' general cash, youth cards, pay transfer, charity fundraising, medical savings account, group affinity and travel card programs. In addition, with the national and internationally respected secure EDS hosting services Cardware will be able to provide this pre-paid stored value platform to financial institutions both in the United States and internationally. These services will include card production management, dispute processing, call center management, 24-hour emergency services, co-hosting services, training and documentation and business continuity.
"This alliance allows Cardware Systems to connect with EDS' customer management experience and world-class BPO services," said Cardware Systems COO Greg Stimson. "We will utilize EDS' global infrastructure, business process and industry expertise to continue the expansion of our proprietary pre-paid stored value card platform."
Cardware Systems, LLC is a provider of technology services and products to financial institutions and businesses marketing pre-paid stored value card solutions. Cardware Systems, LLC was founded in 2003.
"According to industry experts, there are approximately 20 million stored value card users, and that number is expected to increase to 49 million users by 2008," said Vinnie Calo, EDS Global Director for BPO Card Services. "We are excited about this new relationship and EDS looks forward to supporting Cardware Systems' growth in an aggressively expanding market."
EDS provides BPO services in key emerging areas including Human Resources, Finance and Accounting and Supply Management. EDS also has a long tradition of successfully providing a suite of solutions to both the public and private sectors with administrative, transaction and contact center outsourcing services.