Credit card services provider TSYS announced Friday that it has extended its existing agreement with Capital One Financial Corp.
Under the terms of that pact, TSYS will continue to provide processing services for Capital One’s North American roster of accounts, a list that spans both consumer and commercial credit card accounts. The agreement is being extended across “multiple years,” TSYS noted.
The company also reported that Capital One came in as a top-five issuer of U.S.-based general purpose credit cards last year, ranking second with 89.4 million total cards. Data from the February 2017 edition of the Nilson Report also shows that Capital One was fifth overall based on total purchase volume, a figure which stood at $249 billion.
“The strong sense of partnership we have developed with Capital One has allowed for a tremendous amount of growth and innovation over the years,” said Allen Pettis, TSYS executive vice president and president of North America issuer solutions, in a recent statement. “This agreement is a testament to the hard work, collaboration and open communication it takes to make a long-standing client relationship successful.”
In October, the company announced in its quarterly report that it had a record number of accounts on file. The number of accounts at quarter’s end totaled 562.1 million, up 10 percent. In constant currency, the revenues gleaned from this segment showed 5.8 percent growth to $401.1 million, and total transactions were up 8.6 percent. In addition, core processing activity remains strong, the company said, and key technology initiatives in the issuer segment included technology tied to fraud and risk management.
TSYS has also reported it generated revenue totaling $4.2 billion in 2016 and processed more than 25.5 billion transactions.