With the "2-in-1" feature of the new post office credit cards, customers may designate up to two large-value transactions on the card as instalment loans under separate terms, reducing the outstanding revolving balance and attracting a lower rate of interest. The new card products will complement the personal-loan and insurance services offered through the Bank of Ireland and the U.K. Post Office joint venture since 2004.
The programme has concluded a successful pilot stage with 100 branches in September, and will be launched nationally this month to more than 6,000 Post Office branches.
"It's an honor to support a partnership of such prominence in the U.K. This development with Bank of Ireland suggests that TSYS is considered a trusted agent in their customer relationships," says Kelley C. Knutson, managing director of TSYS Europe.
In the U.K., more than 29 million customers visit the Post Office every week. At least 95 percent of adults in the U.K. visit the Post Office at least once a year, and 95 percent of all Britons live within one mile of a Post Office. The U.K. Post Office is 350 years old with 17,000 branches -- that's 5,000 more post-office branches in the U.K. than all other financial institutions' branches combined.
As in other European countries, the U.K. Post Office offers a broad range of services, which affords the U.K. Post Office a unique standing in its communities. The type and frequency of services include:
-- 95 percent of all auto-tax renewals
-- foreign currency exchange, and the No. 6 issuer of American Express traveller's cheques worldwide
-- No. 4 provider of travel insurance in the U.K.
-- 21 percent of all lottery sales
-- 35 percent of all passport applications
-- 30 percent of all bill payments
TSYS (www.tsys.com) is one of the world's largest companies for outsourced payment services, offering a broad range of issuer- and acquirer-processing technologies that support consumer-finance, credit, debit and prepaid services for financial institutions and retail companies in North America, Europe and the Asia Pacific. Based in Columbus, Ga., TSYS (NYSE: TSS) is 80-percent held by Synovus Financial Corp. (NYSE: SNV), one of FORTUNE magazine's "Most Admired Companies" and a member of its "100 Best Companies to Work For" Hall of Fame. For more information, contact firstname.lastname@example.org.