Payments processor and technology provider Total System Services Inc. has begun a long-term agreement to provide debit transaction processing for Virgin Money customers in the U.K.
Virgin Money, a U.K.-based retail bank, provides savings, mortgages, credit cards, currency services, pension and investment and data protection products for its more than 3 million customers. Two years ago, the bank had selected the TSYS platform to support its U.K. credit card portfolio.
The TSYS platform provides the flexibility and security Virgin Money is seeking to advance its debit offerings, Mark Parker, chief operating officer for Virgin Money, stated in a Nov. 30 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 improve our service to current account customers and help them manage their money more easily," Parker said.
Columbus, Ga.-based TSYS views the agreement as an extension of what has already been a successful relationship with Virgin Money.
"The combination of our experience in international markets and the strength of the Virgin brand will continue to ensure the future growth of our card business," Kelley Knutson, executive vice president of TSYS' International Services segment, said in the release.
TSYS has spent much of this year completing its acquisition of TransFirst to bolster its multi-channel technology offerings.