Georgia based Global Payments, a provider of payment technology and software solutions has announced that TSYS, its Issuer Solutions business, has signed a long-term agreement with Truist Financial Corporation, an American bank holding company, to process the bank’s consumer, commercial and small business credit card portfolios. Terms of the partnership were not disclosed.
Under the partnership agreement, Truist will have access to a suite of market-leading solutions across the TSYS product ecosystem, including the TS2 processing platform, and is also planning to take advantage of TSYS’ card and statement production capabilities.
“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 help Truist reach our strategic goals and together we can help people and businesses achieve more,” said Brad Strock, Executive Vice President, Card and Direct to Consumer Lending, Truist.
Truist is expected to begin conversion-related activities in late 2021 and will initiate utilizing TSYS’ issuer processing services in 2022.
The company recently extended its hand to support small businesses affected by COVID-19 with $2 mn funding. The company, through its Community Benefits plan, invested $60 billion in affordable housing, nonprofit support, and small business growth.
“We’ve known both BB&T and SunTrust for years and are thrilled that together as Truist, they’ve entrusted us to deliver exceptional solutions for their entire credit card business. 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. We look forward to working with the Truist team to provide innovative ways to maximize efficiencies across their business and help them grow their credit card programs,” said Gaylon Jowers, Senior Executive Vice President, Global Payments and President, TSYS Issuer Solutions.
BB&T and SunTrust have joined to become Truist. The company is offering a wide range of services including retail, small business and commercial banking; asset management; commercial real estate; corporate; capital markets and institutional banking; insurance; mortgage; payments; specialized lending and wealth management.