COLUMBUS, Ga.--(BUSINESS WIRE)--TSYS (NYSE: TSS) announced today it has signed a long-term contract extension with Regions Bank to continue providing processing services for the bank’s consumer and small business credit card portfolios. As part of the new agreement, TSYS will also begin providing processing services for Regions’ commercial credit card portfolio, and will support the bank’s commercial ePayables offering through TSYS’ Virtual Payment Precept (VPP) platform — a strategic virtual card payables solution for B2B payments.
TSYS’ VPP enables the generation of secure, virtual, single-use account information in real-time with more control over account and transaction parameters. It reduces risk, improves operational efficiency and makes it easier for both accounts payable and accounts receivable to reconcile transactions. Virtual cards replace primary account numbers on physical purchasing cards, making them a flexible, secure payment method that allows businesses to place strict limits around what each virtual account number can be used for when making a purchase.
“We have worked with TSYS for many years and are very familiar with the company’s commitment to innovation and customer service, as we expand our relationship into the commercial card business,” said Brett Couch, head of Regions Procurement and Corporate Real Estate. “We’re excited to have new opportunities to grow that part of our business using TSYS’ proven payables platform and drawing on their experience in the commercial card market.”
“We are thrilled that Regions has decided to not only continue doing business with us, but also expanding our relationship to include products and services for their commercial card business,” said Gaylon Jowers, president of Issuer Solutions, TSYS. “Our commercial offerings feature a best-in-class payables platform that will allow Regions to make virtual cards an important part of their operations moving forward.”
Terms of the long-term agreement were not disclosed.
About Regions Financial Corporation
Regions Financial Corporation (NYSE: RF), with $125 billion in assets, is a member of the S&P 500 Index and is one of the nation’s largest full-service providers of consumer and commercial banking, wealth management, and mortgage products and services. Regions serves customers across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates approximately 1,500 banking offices and 2,000 ATMs. Additional information about Regions and its full line of products and services can be found at www.regions.com.
About TSYS
TSYS® (NYSE: TSS) is a leading global payments provider, offering seamless, secure and innovative solutions across the payments spectrum — for issuers, merchants and consumers. We succeed because we put people and their needs at the heart of every decision to help them unlock payment opportunities. It’s an approach we call People-Centered Payments®.
Our headquarters are located in Columbus, Ga., U.S.A., with approximately 13,000 team members and local offices across 13 countries. TSYS generated revenue of $4.9 billion in 2017, while processing more than 27.8 billion transactions. We are a member of The Civic 50 and were named one of the 2018 World's Most Ethical Companies by Ethisphere magazine. TSYS is a member of the S&P 500 and routinely posts all important information on its website. For more, visit tsys.com.
