Total System Services Inc. has won an extension of its contract to process NationsBank's credit card portfolio until 2005.
Charlotte, N.C.-based NationsBank, one of Total System's biggest customers, has used the processor since the mid-1980s.
With $9 billion in outstandings, NationsBank ranks 11th in credit card receivables and ninth in accounts, at about seven million.
The NationsBank extension and maintenance of its leadership in commercial card processing were highlights of a strong first quarter, said Total System chairman and chief executive officer Richard W. Ussery. Net income was up 43%, to $8.5 million, while revenues rose 17% to $83.1 million.
Total System took on six million new accounts since Jan. 1 and converted 3.5 million of its total account base to the next-generation TS2 software.