Global Payment Systems said it has won a credit card processing contract from Toronto-Dominion Bank that includes providing services to the Canadian bank and to a U.S. subsidiary, Waterhouse National Bank of New York.
These services will include authorization and clearing, statement production, and exception processing. Global will manage the TD Bank U.S. Dollar Advantage Visa card portfolio, which consists of accounts for frequent Canadian travelers to the United States, and continue to manage processing for the Waterhouse National Bank portfolio.
Steve Phillips, associate vice president of Toronto-Dominion's Visa division, said: "This agreement strengthens the synergy between our companies. Global has a solid appreciation for customer service, as evidenced by the successfully managed conversion of our U.S. Dollar Advantage Visa card portfolio."
Mr. Phillips said the bank brought some functions formerly performed by MBNA Corp. in-house, such as customer service, "but we still needed a U.S. dollar processing system."
David K. Hunt, president and chief executive officer of Global Payment Systems, which is majority-owned by National Data Corp. of Atlanta, said, "Global is looking forward to the opportunity to assist in TD Bank's expansion of its U.S. dollar portfolio through our card issuing services."