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Payments Agreement with Tangerine Bank Signed by TSYS

MEDICI

Agreement expands TSYS’ footprint in the Canadian market

COLUMBUS, Ga. [Press Release] — TSYS announced that it has signed an agreement with Tangerine, an innovative Canadian direct bank, to provide processing and risk management services for the bank’s new consumer credit card portfolio.

Formerly ING Direct, Tangerine was officially renamed after it was purchased by Scotiabank in 2014. As of October 6, the bank is now offering Canadians the chance to be among the first to use the new Tangerine Money-Back Credit Card, which offers 2% money-back rewards on all purchases in two categories of their choice and 1% money-back rewards on all other purchases, with no annual fee.

“We are pleased to be working with TSYS as a trusted partner to provide our new Money-Back Credit Card to Canadians,” says Peter Aceto, president and chief executive officer of Tangerine. “Their experience and expertise will serve us well as we move forward with our revolutionary new card that allows Canadians to spend and save at the same time.”

“The Canadian market is important to our North American strategy,” said Bill Pruett, president of TSYS’ North America Services segment. “We are committed to a long relationship with Tangerine providing innovative products and services that give their accountholders more accessibility and flexibility while delivering the superior service their customers deserve.”

Financial terms of the long-term agreement were not disclosed.

About Tangerine Tangerine is a direct bank that delivers simplified everyday banking to Canadians. With more than 1.9 million clients and close to $38 billion in total assets, we are Canada’s leading direct bank. Tangerine offers banking that is flexible and accessible, products and services that are innovative, fair fees, and award-winning client service. From no-fee daily chequing and high-interest savings accounts, GICs, RSPs, TFSAs, mortgages and mutual funds, Tangerine has the everyday banking products Canadians need. With over 1,000 employees in Canada, our presence extends beyond our website and Mobile Banking app to our 24/7 Contact Centres and our Café locations. Tangerine was launched as ING DIRECT Canada in 1997. In 2012 it was acquired by Scotiabank, and operates independently as a wholly owned subsidiary.

About TSYS

At TSYS, we believe payments should revolve around people, not the other way around. We call this belief People-Centered Payments®. By putting people at the center of every decision we make, TSYS supports financial institutions, businesses and governments in more than 80 countries. Through NetSpend®, A TSYS Company, we empower consumers with the convenience, security, and freedom to be self-banked. TSYS offers issuer services and merchant payment acceptance for credit, debit, prepaid, healthcare and business solutions. TSYS’ headquarters are located in Columbus, Ga., U.S.A., with local offices spread across the Americas, EMEA and Asia-Pacific. TSYS is a member of The Civic 50 and was named one of the 2015 World's Most Ethical Companies by Ethisphere magazine. TSYS routinely posts all important information on its website. For more, please visit.

MEDICI Team

MEDICI

MEDICI Team is a group of content writers, bloggers, journalists, researchers, and editors from the MEDICI team who collaborate to create FinTech insights.

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