Well-known card issuer J.P. Morgan has turned to Columbus-based credit-card processor TSYS to secure its customers’ Visa and Mastercard commercial cards.
TSYS said Wednesday that J.P. Morgan will use “VPP,” or virtual payment precept, a technology that replaces primary account numbers on cards to make them as fraud proof as possible.
Financial details of the contract were not released.
“Virtual cards replace primary account numbers on physical purchasing cards, making them the most secure, fraud-proof method of paying suppliers by placing strict limits around what each virtual account number can be used for when making a purchase,” TSYS said in a release.
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Headquartered in Columbus, TSYS employs about 11,800 people worldwide. It does business in 13 countries, generating $4.9 billion in revenue last year. The company processed more than 27.8 billion transactions.