Truist Financial selects TSYS for payments processing
Truist Financial has selected TSYS in a deal which will see the latter provide its processing capabilities for the bank’s consumer, commercial, and small business credit card portfolios.
TSYS had an existing agreement with SunTrust prior with the merger that created Truist
TSYS is providing its TS2 processing platform on top of its card and statement production capabilities.
Brad Strock, executive vice president for card and direct to consumer lending at Truist, says that the decision to select TSYS aligned with the commercial bank’s “commitment of creating better financial experiences.”
Truist, which is the sixth-largest commercial bank in the US, was formed from $66 billion the 2019 merger of Branch Banking and Trust Company (BB&T) and SunTrust Banks.
At the time of the combination the two banks investors they planned to spend an additional $100 million on technology.
The bank operates 2,049 branches in 15 states and offers both consumer and commercial banking, securities brokerage, asset management, mortgage, and insurance products and services.
Prior to the merger, SunTrust had been a long-term existing customer of TSYS.
“We’ve known both BB&T and SunTrust for years and are thrilled that together as Truist, they’ve entrusted us to deliver exceptional solutions for their entire credit card business,” says Gaylon Jowers, senior executive vice president for global payments and president for TSYS issuer solutions.
“Truist’s strategy to transform its payments businesses using technology is the perfect fit for TSYS, providing further validation of our market leading technologies, products and services.
Truist is expected to begin conversion-related activities in late 2021 to begin utilising TSYS’ issuer processing services in 2022.
