The purchase provides greater synergies for TSYS clients in their servicing of merchants who accept cards as payments and issue credit to their customers.
Vital, formed in 1996 as a joint venture between Visa USA and TSYS, aims to offer attractive, cost-effective, turn-key alternatives for acquirers that outsource their merchant business, through the supply of card payment processing, clearing and settlement services.
We are delighted about the addition of Vital to the TSYS team. We’ve had a great partnership with Visa USA. over the past eight years and appreciate the Association’s support and encouragement. TSYS’ ownership of Vital affords us many more opportunities on the merchants’ and issuers’ sides of the business in the US and abroad, says Philip W. Tomlinson, CEO of TSYS.
The transaction is subject to customary closing conditions, including regulatory approval, and is expected to close in the first quarter of 2005.
