Total System Services Inc. has finalized an agreement with J.P. Morgan Chase & Co. to service the credit card portfolios of JPMorgan Chase and Bank One Corp.
TSYS said Wednesday that it will service the portfolios for at least two years. However, James Dimon, the JPMorgan Chase president and chief operating officer who is scheduled to become the chief executive in 2006, has said repeatedly that he wants to bring the entire processing business in-house to better control it.
Shortly after buying Bank One on July 1, JPMorgan Chase announced it would move its credit card portfolio from First Data Corp. to TSYS.
Bank One signed an agreement in March 2003 to move its portfolio temporarily from First Data to TSYS, which is majority owned by the Columbus, Ga., bank holding company Synovus Financial Corp.
M. Troy Woods, the president and chief operating officer of TSYS, said in an interview Wednesday that the first phase of the conversion - which included moving some of Bank One's credit card accounts over to its processing platform - was completed in August. The second and final phase is expected to be completed early this quarter.
