FIS, a US-based provider of banking and payments technology, has executed a binding memorandum of understanding (MoU) with Banco Bradesco for its card processing joint venture, Fidelity Processadora e Servicos (FPS), a third-party card processor in Brazil.
According to the MoU and under the 10-year services agreement, FPS will provide fully outsourced card processing, call center, collection and back office services for Banco Bradesco’s private label and bankcard portfolios.
FPS said that it is working with Bradesco to complete the conversion of Bradesco’s 14 million bankcards during the fourth quarter of 2010, bringing the total number of cards processed on behalf of all FPS clients to more than 40 million.
Furthermore, separate definitive agreements have been executed resulting in FIS maintaining its 51% share in the joint venture and Banco Bradesco’s ownership increasing to 49%. The agreements also serve to finalize Banco Santander’s exit from the joint venture.