Global Payments Inc. (NYSE: GPN), a leading worldwide provider of payment technology and software solutions, today announced that TSYS, its Issuer Solutions business, has signed a long-term agreement with Truist Financial Corporation (NYSE: TFC), to process the bank’s consumer, commercial and small business credit card portfolios.
Truist, the sixth largest commercial bank in the United States, will have access to a suite of market-leading solutions across the TSYS product ecosystem, including the TS2® processing platform, and will also 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,” said Brad Strock, Executive Vice President, Card and Direct to Consumer Lending, Truist. “TSYS’ suite of innovative capabilities help Truist reach our strategic goals and together we can help people and businesses achieve more.”
Prior to their merger with BB&T in 2019 to form Truist, SunTrust was a long-time existing TSYS customer.
“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,” said Gaylon Jowers, Senior Executive Vice President, Global Payments and President, TSYS Issuer Solutions. “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.”
Truist is expected to begin conversion-related activities in late 2021 to begin utilizing TSYS’ issuer processing services in 2022. Terms of the long-term agreement were not disclosed.