TSYS has signed a long-term agreement with Virgin Money to provide payment processing services for the retail bank's consumer credit card business.
The United Kingdom-based Virgin Money is launching its own credit card business after taking over the £1 billion card portfolio it used to run in partnership with MBNA Corp. The company chose TSYS as a processor "because of their strong capabilities in the U.K. and their flexible and secure solution that can grow and adapt with us," Michele Green, Virgin Money's director of banking, said in a March 27 press release.
Virgin Money will use the TS2 processing platform from TSYS, according to the release.
The deal furthers TSYS' efforts to develop relationships with card issuers throughout the U.K. and Europe. The processor agreed to launch KBC Bank Ireland's debit card portfolio in July 2013. In 2012, it renewed its card processing agreement with the Royal Bank of Scotland.