Total System Services Inc. on July 20 announced the signing of a contract to support Tesco Bank’s portfolio of 2.4 million credit cards. Tesco, a supermarket bank with more than 6 million customer accounts, is the United Kingdom’s sixth-largest credit card provider.
Financial terms of the agreement were not disclosed.
Under the agreement, TSYS will provide customer account-management services using the TS2 processing platform, which Tesco has used since 2001 through the Royal Bank of Scotland Group. Tesco, a fully owned business of Tesco PLC, will transfer to its own version of the TSYS platform later this year, according to TSYS.