Firstsource gets $80mn contract from Barclays

Firstsource Solutions today announced that it has signed a five-year, upto $80 million outsourcing partnership agreement with Barclays US credit card business.

According to a release issued by Firstsource to the BSE today, under the terms of the agreement, Firstsource will manage and operate and Barclays operations center in Colorado Springs, and provide customer care and collections support to Barclays US cardholders.

The partnership is expected to provide Barclays with increased operational efficiency and flexibility, and help both companies support their expanding operations in the US. The Firstsource's employees in Colorado Springs will continue to be focused on providing services to Barclays US cardholders.

Anand Mukerji, MD & CEO of Firstsource said, "This is an ideal partnership for Firstsource and Barclays, For Barcalys, Firstsource will apply best practices honed by years of collaboration with other major financial institutions to increase efficiency, productivity and customer satisfaction. For Firstsource, the addition of Barcalys ads another top institution to our Financial Services practice".

Firstsource currently has nearly 2,500 employees and more that a dozen operations centres in the US and providers customized business process management solutions to leading US companies in the financial services, telecom and healthcare industries.

Firstsource's Financial Services clients includes three of the five largest banks and six of the 10 largest credit card companies in the US, and one of the five largest banks in the UK. 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.