TSYS Extends Its Agreement With Swisscard

TSYS, the payment processing company, said on Thursday (Aug. 18) it has extended its payments agreement with Swisscard AECS. Under the extended agreement, TSYS will continue to process the company’s consumer credit card and commercial card portfolio on the TS2 platform. TSYS will also provide Swisscard with other payment services.

Swisscard AECS is a joint venture between Credit Suisse and American Express. It’s the only company in Switzerland that is offering American Express, Mastercard and Visa from a single source.

“Swisscard is a leader in Switzerland and an important client for TSYS as we continue to grow across Europe,” said Rob Hudson, group executive of TSYS International, in a press release. “We look forward to delivering innovative new products and services to help them continue providing excellent service for their cardholders.”

TSYS’ announcement that it is extending its agreement with Swisscard comes on the heels of the payment processor getting into the corporate space with its latest offering. In May, the firm 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 TYSY Group Executive of Commercial Services Scot Yarbrough in a statement back in May. “We have anticipated this need and delivered a solution that enables our issuing clients to offer cutting-edge technology to their corporate customers.”