TSYS Inks Debit Processing Services Deal With Virgin Money

TSYS announced Wednesday (Nov. 30) it has reached a long-term agreement to provide debit processing services for Virgin Money customers within the United Kingdom.

In a press release, TSYS said Virgin Money had previously selected TSYS’ Ts2 platform to support its portfolio of cards in the U.K. Under the deal, TSYS will give Virgin Money a flexible and reliable card processing service.

“After the successful implementation of our credit card operation, TSYS has been selected to provide our debit card services, having demonstrated they can provide a similar secure and resilient solution to support our current account proposition,” said Mark Parker, chief operating officer for Virgin Money, in the press release. “We are building a flexible solution to enable us to issue contactless Mastercard debit cards, and the new TSYS solution will help us to improve our service to current account customers and help them manage their money more easily.”

The partnership with Virgin Money comes on the heels of another deal inked in late October. Back then, TSYS announced it 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. 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.”