Tangerine inks Tsys deal

Source: Tsys

Tsys (NYSE: TSS) today announced that it has signed an agreement with Tangerine, an innovative Canadian direct bank, to provide processing and risk management services for the bank’s new consumer credit card portfolio.

“We are committed to a long relationship with Tangerine providing innovative products and services that give their accountholders more accessibility and flexibility while delivering the superior service their customers deserve.”

Formerly ING Direct, Tangerine was officially renamed after it was purchased by Scotiabank in 2014. As of October 6, the bank is now offering Canadians the chance to be among the first to use the new Tangerine Money-Back Credit Card, which offers 2% money-back rewards on all purchases in two categories of their choice and 1% money-back rewards on all other purchases, with no annual fee.

“We are pleased to be working with TSYS as a trusted partner to provide our new Money-Back Credit Card to Canadians,” says Peter Aceto, president and chief executive officer of Tangerine. “Their experience and expertise will serve us well as we move forward with our revolutionary new card that allows Canadians to spend and save at the same time.”

“The Canadian market is important to our North American strategy,” said Bill Pruett, president of TSYS’ North America Services segment. “We are committed to a long relationship with Tangerine providing innovative products and services that give their accountholders more accessibility and flexibility while delivering the superior service their customers deserve.”

Financial terms of the long-term agreement were not disclosed. 

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