Firstsource bags outsourcing contract from Barclays Group

Firstsource bags outsourcing contract from Barclays Group

New Delhi: BPO firm Firstsource Solutions has bagged a five-year outsourcing contract worth $80-100 million from UK-based Barclaycard.

Barclaycard, a part of banking major Barclays Plc, is into the credit card and consumer lending business.

While the company did not disclose the deal size, sources said Firstsource has signed a five-year outsourcing partnership agreement and the deal size is between $80 million and $100 million.

“Firstsource have given us a commitment to establish a long-term presence here in Teesside and, with their global footprint, they are also well placed to meet the current and future needs of our growing international customer base," Barclaycard global sales and service director Derek Allgood said.

Firstsource will manage the majority of the services currently provided by the Teesside centre, as well as a related payment servicing team located in Wavertree, Merseyside, the company said in a statement.

“We are delighted to have won this contract from Barclaycard which reinforces the relationship we already have with Barclaycard in the US and is an acknowledgment of Firstsource’s expertise in the financial services sector and in particular for credit card services," Firstsource CEO & MD Matthew Vallance said.

The partnership is part of Barclaycard’s ongoing programme of improving business efficiency and providing quality service to customers.

In February, 2008, Firstsource signed a five-year outsourcing agreement with Barclays’ US credit card business. Under the agreement, Firstsource is entrusted with managing and operating Barclay’s operations centre in Colorado Springs, which includes providing customer care and collection support to Barclays’ US cardholders.

Firstsource obtains 24% of its global revenues from the financial services sector, providing an extensive range of back-office, customer management and collections services.

Barclaycard, a part of Barclays’ global retail banking division, is a leading global payment business that helps consumers, retailers and businesses make and accept payments flexibly and access short-term credit when needed.

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