TSYS announced today that Canadian Imperial Bank of Commerce (CIBC) has extended its payment services agreement with a multi-year contract renewal for the processing of CIBC's Visa consumer credit card portfolio.
CIBC ranks as the number one issuer of credit cards in Canada based on dollar volumes outstanding, and TSYS processes over 44 percent of all Visa and MasterCard credit card accounts in Canada.*
"We are pleased to announce that one of Canada's largest and most respected card issuers has chosen to extend their processing agreement with TSYS," said M. Troy Woods, president and chief operating officer, TSYS. "Both CIBC and TSYS recognize the level of customer service and innovation that are needed to succeed in today's environment, and are committed to continuing our strong relationship as we lead the Canadian credit card market together."
Terms of the multi-year agreement were not released.