Barclays to License Banc One's Card Software
LONDON -- Barclays Bank PLC is to become the first licensee of a credit card processing system originated by Banc One Corp., Columbus, Ohio.
Barclays, Britain's largest banking company, signed a letter of intent last week for the deal with Andersen Consulting, which is helping develop the system, known as Triumph.
$53 Million Contract
The pact with Barclays is worth $53 million over four years.
Development of Triumph, described as an advanced tool for processing and managing customer accounts, began two years ago at Banc One Financial Card Services Corp.
The unit, the third-largest card processor in the United States, will make the system available to other providers of third-party processing services. Andersen Consulting will handle applications for a bank's in-house use.
The system, touted as a "re-thinking of the card processing business," enables issuers and acquirers to set up buying incentive programs and cardholder accounts with a flexibility not previously available, according to an Andersen spokesman. It includes regional data bases and expert systems.
Barclays ranks as one of the largest issuers of Visa and MasterCard plastic, with 8 million cardholders.
Richard Reay-Smith, chief executive of the company's consumer banking division, said Triumph would help Barclays' competitive position. The technology offers a wider range of capabilities and reduces operating costs, he said.
Triumph is nearly complete and will be delivered to Banc One in 1992, the Andersen spokesman said.
Software development has progressed enough for Barclays to begin preliminary work, he said.