The agency will charge clients a project-management fee, in a move designed to counter growing concerns about the opacity of the outdoor commission system.
Source will charge clients a fee dependent on the size of the contract. The current system operates on a volume rebate basis; agencies earn a rebate depending on how much they spend with outdoor media owners.
The move, which was driven by the Concord managing director, Nicole Guerretta, includes an expanded offering that will see Source working with agencies such as digital consultancies and creative agencies.
Source has also unveiled a new corporate design based on a spiral effect of bubbles floating upwards alongside the agency's new name.
Guerretta said: "We have enhanced our service around the belief that the idea is king and that ideas survive through best-in-class planning and execution."
The agency, established in 1979, aims to differentiate itself in a market dominated by a handful of players including its parent company, Posterscope, and WPP's Kinetic.
Concord was acquired by the Aegis-owned rival Posterscope in August 2005.
"In creating Source, we are now uniquely placed to be able to deliver to clients better and fully integrated solutions across the ever-widening outdoor/out-of-home spectrum," Alan Simmons, the chairman of Concord, added.
Separately, Source has won a place on the Masterfoods roster. The agency will work on sampling activity for the Galaxy and Starburst brands.