Barclays Plc contracts US credit cards back office contract to Firstsource Solutions
By Our Corporate Bureau | 08 Feb 2008
UK-based Barclays Plc has outsourced the back office functions for its US credit card business to Firstsource Solutions Ltd (formerlyICICI OneSource) for five-years, in a deal that will help both companies expand their US operations.
The value of the contract is up to $80 million.
The contract is for Firstsource to manage and operate Barclays operations centre in Colorado Springs, and provide customer care and collections support to Barclays' US cardholders.
Barclays expects to boost its operational efficiency through outsourcing the work.
Firstsource currently employs nearly 2,500 employees and more that a dozen operations centres in the United States and provides customised business process management solutions to, among others, three of the five largest banks and six of the 10 largest credit card companies in the United States, and one of the five largest banks in the United Kingdom.
Firstsource's range of services includes credit evaluation, accounts set-up, customer services and account maintenance, dispute resolution, mortgage origination and servicing, insurance policy issuance and administration, payment processing, research and analytics.