Under the terms of the contract, FPS will process and support Banco Bradesco’s private label, Visa and MasterCard portfolios through 2020. In August 2010, the two companies signed a binding memorandum of understanding (MoU). 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 Bradescos private label and bankcard portfolios.
Moreover, during the same period, the two partners have inked separate agreements, according to which FIS will maintain a 51 percent share in the FPS joint venture and Banco Bradesco’s ownership will increase, reaching 49 percent. FPS currently supports more than 40 million card accounts in Brazil, including over five million prepaid cards.
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