First Data Corp. said it has made a 10-year processing deal with Fleet Financial Group's credit card unit.
The processor's First Data Resources subsidiary, the biggest servicer of credit card accounts for banks, has provided portfolio management services for Fleet since 1989. Financial terms of the renewed deal were not disclosed.
"Our relationship with First Data provides us access to a unique array of products and services that help position Fleet strategically to execute its plans to grow and diversify," said Joseph Saunders, the chief executive officer of Fleet Credit Card Services.
Fleet is the eighth-largest credit card issuer, with $14 billion of receivables and eight million accounts.