JPM To Process Wamu Cards In-House
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.