Global Payments Inc. GPN announced that its Issuer Solutions unit, Total System Services (TSYS) has inked a long-term deal with Truist Financial Corporation TFC. However, terms of the deal have been kept under wraps. Notably, Global Payments had teamed up with TSYS last year.
Truist, which is the sixth-largest commercial bank in the United States at present, was formed by the combination of BB&T Corp. and SunTrust Banks in December 2019.
Apart from leveraging innovative payment solutions of TSYS, the agreement will also provide Truist access to the TS2 processing platform of TSYS. This, in turn, will help Truist to transform its existing suite of credit card programs and boost payments business.
While Truist is anticipated to commence its transformation-related activities in late 2021, it is expected to make use of TSYS’ issuer processing services in 2022.
Moreover, Global Payments has been gaining traction for quite some time on the back of its innovative payment solutions, advanced local-market expertise and strong global foothold. Last year in October, Citi’s Treasury and Trade Solutions (TTS) tied up with Global Payments to enhance payments acceptance for institutional merchants. In the same month, it also collaborated with Canada’s cooperative financial group, Desjardins Group. This agreement strengthened the presence of Global Payments in the Canadian market. Notably, the company already has solid base in the country courtesy of innovative payment solutions.