Credit card processing firm TSYS announced Wednesday it has signed a long-term payments agreement with FirstBank Puerto Rico to provide payment processing for the bank’s consumer credit card portfolio.
FirstBank Puerto Rico has been a long-term TSYS client, with a relationship dating back to the late 1980s. Prior to this agreement, TSYS has provided processing for the bank’s commercial card and debit card portfolios. In addition to core processing services, FirstBank Puerto Rico also contracts with TSYS to provide fraud prevention, risk management and full customer support.
“When we made the decision to reacquire our consumer credit card portfolio from FIA Card Services, we were looking for the solution that best fit our current needs while allowing for future growth and innovation,” said Cassan Pancham, executive vice president and business group executive for FirstBank Puerto Rico. “We came to the conclusion that the best choice for us was TSYS, our long-time partner and an industry leader with a track record of success with our products.”
“We are excited to expand our relationship with FirstBank Puerto Rico,” said Bill Pruett, president of TSYS’ North America services segment. “We have been a part of the bank’s success in both credit and debit for more than 25 years, and are always proud when a client recognizes that we can do even more for their business.”
The successful conversion of FirstBank Puerto Rico’s consumer credit card portfolio to TSYS’ TS2 platform occurred in September of this year. Financial terms of the agreement were not disclosed.