TSYS announced on Thursday a long-term agreement to provide consumer credit processing services and value-added capabilities for U.K.-based Virgin Money customers.
Virgin Money, a retail bank that provides credit cards, mortgages, pensions and savings, plans to launch its own credit card business, following the purchase of $1.7 billion in assets from MBNA.
“Virgin Money is continuing to build its range of banking services for customers and to offer real competition on the high street,” Virgin Money Banking Director Michele Green said. “TSYS was selected as our preferred long-term partner to help us build our credit card operation because of their strong capabilities in the U.K. and their flexible and secure solution that can grow and adapt with us as we build a successful business for the future.”
TSYS will provide support to Virgin Money’s U.K. cards portfolio through its TS2 card processing platform.
“We will help to ensure Virgin Money’s efforts to grow their cards business are successful by combining our experience in international markets with the strength of the Virgin brand,” Kelley Knutson, the executive vice president of TSYS’ international services division, said. “TSYS continues to develop and maintain strong relationships with key issuers in the UK and across Europe. It is a privilege to work with high-profile, and capable, companies such as Virgin Money and we look forward to our partnership.”