Business

Credit-card processor TSYS renews contract with The Royal Bank of Scotland

A day before reporting its first-quarter earnings results, credit-card processor TSYS said today it has signed a contract extension with The Royal Bank of Scotland.

Terms of the agreement were not disclosed.

TSYS has been handling payment processing for The Royal Bank of Scotland since 2001, just as the Columbus-based company was entering the European market.

The current deal calls for TSYS to continue working with the bank on its consumer and business porfolios in the United Kingdom, Ireland and the United States.

William Higgins, director of the bank’s group operations, said TSYS went through a “thorough review” before being chosen for the renewal, which will be for an “extended period.”

“The Royal Bank of Scotland Group made a strategic decision over 10 years ago to work with TSYS, during which time we have made many enhancements to our products and customer proposition,” Higgins said in a statement.

The bank, founded in 1727 and headquartered in Edinburgh, Scotland, opened its first U.S. office in 1960, according to its website. That was followed by the purchase of Rhode Island-based Citizens Financial Group. Citizens operates in 12 states from the Midwest to New England.

Today, TSYS has 35 retail and banking clients in Europe, comprising more than 50 million accounts.

The Royal Bank extension comes on the heels of two other renewals. The company has signed a long-term deal with First Hawaiian Bank, that state’s biggest and oldest financial institution, dating to 1953. It oversees nearly $16 billion in assets.

It also inked a new contract with Veracity Payment Solutions, a merchant services company with more than 12,000 businesses in its North American portfolio. That represents roughly $2 billion in annual transaction volume.

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