SAN FRANCISCO - Bank of America Corp., the world's largest issuer of the Visa check card, has extended its contract with Visa Debit Processing Service for five more years.
Visa DPS, the debit processing division of Visa U.S.A., has provided processing services to Bank of America since 1997 and supports its more than 17 million debit cards. The contract was extended this month.
"Visa Debit Processing Service provides a single-point access solution for all Visa deposit access products, which has simplified our technical infrastructure and reduced our processing costs," said Bob Whyte, the debit card executive at Bank of America.
Bank of America said Visa DPS has increasingly added processing value to the bank's check card portfolio, and in return, the bank has converted to the Visa DPS platform. The bank also recently committed its PIN-based point of sale volume to Visa U.S.A.'s Interlink network and selected Visa DPS as its gateway provider for Interlink and Plus transactions.
