TSYS Signs UK Payments Agreement with Virgin Money
Payments processor TSYS has reached a long-term agreement to provide consumer credit processing services along and value- added capabilities for UK customers of retail bank Virgin Money.
The bank selected the group’s TS2 platform to support its UK cards portfolio. Virgin Money provides savings, mortgages, credit cards, pensions, as well as investment and protection products to three million customers. The company is launching its own credit card business following its January 2013 purchase of £1bn in assets from MBNA.
TSYS said that it will provide a flexible and reliable card processing solution for Virgin Money with value- added capabilities being provided through various partners, including TSYS Managed Services EMEA.
“Virgin Money is continuing to build its range of banking services for customers and to offer real competition on the high street,” said Michele Greene, its director of banking. “TSYS was selected as our preferred long-term partner to help us build our credit card operation because of their strong capabilities in the UK and their flexible and secure solution that can grow and adapt with us as we build a successful business for the future.”
Kelley Knutson, executive vice president (EVP) of TSYS’ International Services segment, added, “We will help to ensure Virgin Money’s efforts to grow their cards business are successful by combining our experience in international markets with the strength of the Virgin brand. TSYS continues to develop and maintain strong relationships with key issuers in the UK and across Europe.”