Total System Service Inc. TSS recently announced the extension of its payment agreement with Swisscard AECS GmbH to continue processing consumer credit and commercial card portfolios of the later. The insurer will also keep providing other payment services to Swisscard.
Total System’s relation with Swisscard dates back to 2010 when the former inked a deal with Swisscard – a joint venture between Credit Suisse Group AG CS and American Express Company – to provide the later with consumer credit, commercial card and payment-related services through its processing platform TS2. Per the deal, Total System Service was also required to support Swisscard’s portfolio migration in the third quarter of 2011.
Notably, Swisscard is the only company in Switzerland to offer all major credit card brands like American Express Company AXP, Visa Inc. V, Master Card Inc. MA through a single platform. Hence, its customers enjoy the largest assortment of credit card offers across all brands.
Swisscard’s association with Total System Service has helped it achieve better stability and availability of systems. Given that the two companies are well acquainted with each other’s systems, the contract extension is expected to result in more innovations and in turn enhanced services for customers.
Total System Service has always undertaken inorganic growth initiatives like entering into agreements and partnerships as well as making acquisitions to extend its presence to Europe. The recent acquisition of TransFirst, a leading U.S. acquirer of payment solutions is expected to place this business in a leadership position in the market.
Total System presently carries a Zacks Rank # 3 (Hold)
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