TSYS announced Wednesday (Oct. 26) that it has signed a payments agreement with Optal Financial Limited, one of Europe’s leading virtual card issuers. Under the agreement, TSYS will process authorizations for Optal’s significant virtual payments card business. Terms of the deal were not disclosed.
In a press release, TSYS said, with offices in Australia, the U.K. and Hong Kong, Optal is a worldwide company that provides end-to-end B2B payments services. Its products include virtual account numbers (VANs) that ensure supplier payments are processed quickly and safely, enabling automated reconciliation at the point of sale.
“Optal is an innovative leader in virtual payments, and we are excited to begin a new long-term relationship with them,” said Rob Hudson, group executive of TSYS International, in the press release. “With our experience in the European payments market, as well as globally, TSYS will enable Optal to continue its virtual cards growth agenda and drive value to their end customers.”
“We’re impressed by the robust processing platform, breadth of capability and high-availability service that TSYS provide and are excited about partnering with them to improve service to our clients globally,” Alex Mills, chief operating officer of Optal, added.
In March, TSYS revealed the rollout of its commercial payment solution, TSYS Virtual Payment Precept (VPP), a virtual payment tool for accounts payable and accounts receivable to streamline reconciliation and heighten risk controls in the B2B payments space, the company said.
TSYS is launching its VPP tool as corporations engage in a massive shift toward electronic payments. According to the company, up to 80 percent of businesses surveyed by the Association for Financial Professionals last year said they are transitioning to electronic payments for B2B transactions. TSYS will provide commercial payments players with authorization and decision controls, the company said, in an effort to help issuers safeguard against fraud and boost their standing in the B2B payments space.
“With increasing demand, it is vital to have the most secure and cost-efficient process in place to facilitate these transactions,” said TSYS Group Executive of Commercial Services Scot Yarbrough in a statement. “We have anticipated this need and delivered a solution that enables our issuing clients to offer cutting-edge technology to their corporate customers.”