Tsys (NYSE:TSS) announced today that it has renewed its agreement with Canadian Tire Financial Services, a division of Canadian Tire Corporation, Limited, to exclusively process its payment cards programs.
The multi-year agreement includes Canadian Tire's MasterCard-branded and private label retail portfolios.
"As one of the largest bankcard franchises in Canada, Canadian Tire Financial Services relies on the customized products and secure services of TSYS," said Marco Marrone, president of Canadian Tire Financial Services. "TSYS is committed to technological innovation which allows us to serve our customers with enhanced flexibility and efficiency."
"Canadian Tire is a marquee brand and a client that consistently seeks to launch new and innovative products for its customers," said M. Troy Woods, president and chief operating officer of TSYS. "As Canada's premier retailer, they utilize TSYS systems and services as a key marketing advantage for their cards and payments programs."
In addition to issuer processing and merchant acquiring services, TSYS provides Canadian Tire with a number of additional services, including fraud and risk management, portfolio analysis and a rewards and loyalty program.
Canadian Tire has been a TSYS client since 1998. Terms of the renewal were not released.