TSYS Signs Payments Agreement with KeyBank
COLUMBUS, Ga.--(BUSINESS WIRE)-- TSYS (NYS: TSS) announced today that it has signed a long-term payments agreement with KeyBank (NYS: KEY) to provide payment processing for the bank's consumer credit card portfolio.
KeyBank made the strategic decision to bolster its payments business last year and begin self-issuing credit cards. At that time, Key purchased a $725 million Key-branded credit card portfolio from Elan Financial Services. KeyBank has selected TSYS' TS2® platform to convert the portfolio and issue new cards going forward. In addition, KeyBank has contracted with TSYS to provide fraud prevention and risk management services to bank clients. TSYS' past success with KeyBank involved a smaller portfolio acquisition conversion to the TSYS Program Solutions (TPS) platform in 2012. The TPS platform currently provides a broad group of services for KeyBank, including account processing, portfolio management and optimization, fraud prevention, risk management, and full customer support.
"As we move aggressively toward expanding our presence in the consumer credit card market, we need a partner who can provide us with strong card industry insight, flexibility and speed-to-market," said Beth Mooney, KeyCorp chairman and chief executive officer. "TSYS has already demonstrated their ability to meet our needs for a turnkey solution, and we are confident they are a good fit for KeyBank."
"We welcome this opportunity to expand our partnership with one of the most respected regional banks in the Midwest," said Bill Pruett, president of North America services, TSYS. "This agreement strengthens our commitment to regional banks like KeyBank, as they look to grow and improve the overall experience for their customer base by providing more options to satisfy their growing needs."
Financial terms of the agreement were not disclosed.
KeyCorp was organized more than 160 years ago and is headquartered in Cleveland, Ohio. One of the nation's largest bank-based financial services companies, Key had assets of approximately $89.2 billion at March 31, 2013.Key provides deposit, lending, cash management and investment services to individuals and small and mid-sized businesses in 14 states under the name KeyBank National Association. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank is Member FDIC.
At TSYS, (NYS: TSS) , we believe payments should revolve around people — not the other way around. We call this belief "People-Centered PaymentsSM." By putting people at the center of every decision we make, with unmatched customer service and industry insight, TSYS is able to support financial institutions, businesses and governments in more than 80 countries. Offering merchant payment-acceptance solutions as well as services in credit, debit, prepaid, mobile, chip, healthcare and more, we make it possible for those in the global marketplace to conduct safe and secure electronic transactions with trust and convenience.
TSYS' headquarters are located in Columbus, Georgia, with local offices spread across the Americas, EMEA and Asia-Pacific. TSYS provides services to more than half of the top 20 international banks, and has been named one of the 2013 World's Most Ethical Companies by Ethisphere magazine. TSYS routinely posts all important information on its website, for more please visit us at www.tsys.com.
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