First Data Corp. has won a seven-year contract to process credit, debit, and commercial cards for People's Bank of Bridgeport, Conn.
People's, a top-20 credit card issuer, is moving its business from Total System Services Inc., First Data's top rival in card processing. First Data will take over the bank's two million card accounts in April 2000, the companies said.
First Data has already had been handling People's credit card portfolio in the United Kingdom for two years, and the bank wanted to select a single processor, said John Klein, executive vice president at People's.
Terms of the deal were not disclosed.
"We will be able to assist People's in achieving operational efficiencies and continued growth and profitability for their card portfolio," said Richard A. Zehnacker, managing director of business development at First Data. -Charles Keenan