Global banking and payments technology provider FIS and Brazilian financial services company Banco Bradesco have signed a binding memorandum of understanding (MoU) for Fidelity Processadora e Servicos (FPS), FIS’ card processing joint venture located in Brazil.

According to the MoU and under the terms of the ten-year agreement, FPS is set to ensure card processing, call center, collection as well as back office services for Banco Bradesco's private label and bankcard portfolios. FPS and Banco Bradesco are currently working to complete the conversion of the latter’s 14 million bankcards during Q4 2010, in a bid to bring the total number of cards processed on behalf of all FPS clients to more than 40 million.

In addition, the two partners have inked separate agreements, according to which FIS will maintain a 51 percent share in the joint venture and Banco Bradesco’s ownership will increase, reaching 49 percent. The deal also marks Banco Santander's exit from the joint venture.