Discover Financial Services (NYSE: DFS) today announced it has signed an issuer processor agreement with Tsys (NYSE: TSS).
Under the terms of the agreement, TSYS, a leading processor for bankcard issuers and merchant acquirers, will begin processing prepaid and credit card transactions on the Discover Network, a business unit of Discover Financial Services.
The agreement, which will provide issuers with more options in choosing a preferred processor on the Discover Network, is part of the Discover Network's commitment to offering payment solutions that deliver significant value to issuers. It is expected to contribute towards Discover Network's increased sales volume and an expanded infrastructure.
"Our agreement with TSYS enables Discover Network to expand its reach to a wider range of card issuers - from the nation's largest banks to smaller, independent financial institutions," said Harit Talwar, executive vice president of Discover Financial Services. "Adding TSYS to the Discover Network as an issuer processor increases choice for our issuing partners, and broadens our opportunity to deliver payment solutions that meet the needs of business partners."
"Becoming a Discover Network issuer processor is a tremendous opportunity for TSYS to continue building our relationships with our issuing partners by offering them another option that helps them drive their businesses," said William A. Pruett, senior executive vice president of Client Services, TSYS.