US bank Wachovia has signed an agreement with payment services provider TSYS for provision of core processing in support of its re-entry into the credit card business.
Until recently, Wachovia had processed its consumer credit card portfolio through an agent-bank agreement with the former MBNA. Following the announcement of a prospective Bank of America takeover, Wachovia decided on issuing its own cards directly.
Wachovia plans to launch its card program in early summer using the TS2 payment-processing engine.
Our company has decided to re-enter the card-issuing business to provide Wachovia customers with outstanding products and stellar customer service. TSYS is a company we can build a trusting relationship with, said Steven Boehm, president of Wachovia card services.