Transport for London (TfL) has agreed on a new contract for the future management and development of the Oyster card system and other ticketing services with Cubic Transportation Systems Limited and EDS.

The move is part of TfL's £2.4bn efficiency savings outlined last week in its ten-year Business Plan. It replaces the existing Public Finance Initiative (PFI) contract, and sees TfL get ownership of the Oyster brand.

The system was originally created, and has been maintained, via a PFI contract held between TfL and TranSys, a consortium whose principal partners are EDS and Cubic; other partners included Fujitsu Services Ltd. and WS Atkins Consultants Ltd.

TranSys was responsible for developing, installing, managing and maintaining London's automated fare collection system including the Oyster card system, on behalf of TfL.

The contract was put in place in 1998 for a term of 17 years but in August 2008, TfL gave notice to terminate the contract with the TranSys consortium; the break has come into effect this week.