Regions Bank has extended its agreement for TSYS card processing services to include its consumer and small business credit card portfolios.
Under the terms of the new contract, TSYS card processing services will also include support for the bank’s commercial credit card portfolio and ePayables offering.
TSYS intends to support ePayables using its Virtual Payment Precept (VPP) platform, which is a virtual card payables solution meant for B2B payments.
The VPP platform is designed to generate virtual, single-use account information in real-time. It is said to minimise risk, improve operational efficiency and simplify reconciliation of transactions.
Regions Bank head of procurement and corporate real estate Brett Couch said: “We have worked with TSYS for many years and are very familiar with the company’s commitment to innovation and customer service, as we expand our relationship into the commercial card business.
“We’re excited to have new opportunities to grow that part of our business using TSYS’ proven payables platform and drawing on their experience in the commercial card market.”
TSYS president of issuer solutions Gaylon Jowers said: “We are thrilled that Regions has decided to not only continue doing business with us, but also expanding our relationship to include products and services for their commercial card business.
“Our commercial offerings feature a best-in-class payables platform that will allow Regions to make virtual cards an important part of their operations moving forward.”