US-based bank holding company Truist Financial has inked a long-term partnership deal with payment technology provider Global Payments.
Financial terms of the deal were not disclosed.
Under the partnership, Georgia-based firm Global Payments, through its TSYS Issuer Solutions business, will provide credit card processing services to Truist.
TSYS will process the credit card portfolios of the bank’s consumer, commercial and small business customers.
Global Payments senior EVP and TSYS president Gaylon Jowers said: “Truist’s strategy to transform its payments businesses using technology is the perfect fit for TSYS, providing further validation of our market-leading technologies, products and services.”
Moreover, Truist will also have access to TSYS’ entire product ecosystem which includes the TS2 processing platform, and TSYS’ card and statement production capabilities.
Truist is set to begin conversion-related activities next year and start using TSYS’ issuer processing services in 2022.
Truist card and direct to consumer lending EVP Brad Strock said: “The decision to select Global Payments and TSYS as critical strategic partners in our payments business aligns with our commitment of creating better financial experiences that we set forth when Truist was formed.
“TSYS’ suite of innovative capabilities helps Truist reach our strategic goals and together we can help people and businesses achieve more.”