Tsys announced today that it has signed a new long-term agreement with U.S. Bank.
As part of the agreement, TSYS will continue to support the bank's commercial card payment services, as well as become its exclusive partner in providing card processing services for the bank's Consumer Directed Healthcare (CDH) benefit cards, issued by its Healthcare Payment Solutions business line.
The CDH agreement will allow U.S. Bank cardholders to eventually access multiple spending accounts, cash and lines of credit from a single card.
"Now, more than ever, consumers need to control and manage how their healthcare dollars are spent. We are confident that TSYS is the right choice for our business, as we continue to expand our suite of innovative, card-based healthcare payment options to those consumers," said Ralph Bernstein, senior vice president of U.S. Bank Healthcare Payment Solutions.
"U.S. Bank has been among the most valued commercial card clients for more than two decades, and we are proud to add this new element to our long-standing relationship," said M. Troy Woods, president and chief operating officer of TSYS. "We look forward to helping the bank develop cost-effective benefit payment choices for its consumer directed healthcare program."
Terms of the multi-year agreement were not released.