Riverwoods, Ill. – October 9, 2007 – Discover Financial Services (NYSE: DFS) today announced it has signed an issuer processor agreement with TSYS (NYSE: TSS). Under the terms of the agreement, TSYS, a leading processor for bankcard issuers and merchant acquirers, will begin processing prepaid and credit card transactions on the Discover Network, a business unit of Discover Financial Services.
The agreement, which will provide issuers with more options in choosing a preferred processor on the Discover Network, is part of the Discover Network's commitment to offering payment solutions that deliver significant value to issuers. It is expected to contribute towards Discover Network's increased sales volume and an expanded infrastructure.
“Our agreement with TSYS enables Discover Network to expand its reach to a wider range of card issuers – from the nation's largest banks to smaller, independent financial institutions,” said Harit Talwar, executive vice president of Discover Financial Services. “Adding TSYS to the Discover Network as an issuer processor increases choice for our issuing partners, and broadens our opportunity to deliver payment solutions that meet the needs of business partners.”
“Becoming a Discover Network issuer processor is a tremendous opportunity for TSYS to continue building our relationships with our issuing partners by offering them another option that helps them drive their businesses,” said William A. Pruett, senior executive vice president of Client Services, TSYS.
TSYS offers one of the industry's most advanced processing systems for many of the world's top card-issuing banks, including more than half of the world's twenty largest banks. The company is a leader in developing and processing customized solutions for the credit, debit, healthcare, loyalty, prepaid, retail and smart markets. In 2006, TSYS processed 13.2 billion issuing and acquiring transactions for more than 400 million cardholder accounts.
Discover Network is a comprehensive and secure payments network that markets and supports a full range of credit, debit, and prepaid cards, including the Discover Card. Discover Network also provides customer-centric tools and programs designed to help issuers, acquirers, and merchants drive loyalty, increase transaction volume, and run their business more effectively, with streamlined efficiencies. Discover Network connects to millions of merchants throughout the U.S., Canada, Mexico, Central America and the Caribbean, offering Discover Network cardholders more opportunity to use their cards for purchases around the world.
TSYS (www.tsys.com) is one of the world's largest companies for outsourced payment services, offering a broad range of issuer- and acquirer-processing technologies that support consumer-finance, credit, debit, healthcare, loyalty and prepaid services for financial institutions and retail companies in the Americas, EMEA and Asia-Pacific regions. Based in Columbus, Ga., TSYS (NYSE: TSS) is closely held by Synovus Financial Corp. (NYSE: SNV), one of FORTUNE magazine's "Most Admired Companies" and a member of its "100 Best Companies to Work For" for 10 straight years. For more information, contact email@example.com.
About Discover Financial Services
Discover Financial Services (NYSE:DFS) operates the Discover Card with more than 50 million cardmembers, the Discover Network with millions of merchant and cash access locations, and the Goldfish credit card business in the United Kingdom. Discover Financial Services also operates the PULSE ATM/debit network, which serves more than 4,400 financial institutions and includes nearly 260,000 ATMs, as well as POS terminals, nationwide. For more information, visit www.discoverfinancial.com.