JPM To Process Wamu Cards In-House

Register now

IMGCAP(1)]

JPMorgan Chase & Co. is planning to take in-house the processing work for Washington Mutual Inc.'s consumer card portfolio.

Total System Services Inc., which currently does Wamu's processing, announced Tuesday that it had completed a termination agreement with JPMorgan Chase, which bought the Seattle thrift's banking operations in September.

JPMorgan Chase said it expects to begin processing Wamu card transactions in-house by March. Washington Mutual accounted for less than 4% of TSYS' revenue in the first nine months of 2008, the Columbus, Ga., processor said.

The New York banking company agreed to pay termination and deconversion fees to TSYS and to extend a processing contract with TSYS for its Toronto unit and its Canadian card business to April 30, 2012. TSYS did not state the value of the fees.

For reprint and licensing requests for this article, click here.