Of Special Interest
14th October 2011
TSYS renews outsourcing deal with Capital One
Total System Services (TSYS) has renewed its outsourcing deal with Capital One which will now run until at least 30th September 2017.
Terms of the contract have not been released and TSYS states that it is a quiet period prior to the announcement of its latest financial results on October 25th. TSYS processes the credit card business for Capital One.
In August of this year Capital One agreed to buy the private label US card business of HSBC. The card outstandings are in excess of $30bn with 27m active cardholders. It is understood that TSYS is bidding to process some or all of this business for Capital One. It was stated at the time of the deal that all HSBC card staff affected would be offered a job with Capital One. Whether this could be stretched to include a job with TSYS or Capital One is less clear.