TSYS to Provide Virtual Payment Solution for J.P. Morgan Commercial Card Business
February 07 2018 - 9:00AM
Business Wire
TSYS (NYSE: TSS) announced today that J.P. Morgan will
offer TSYS’ Virtual Payment PreceptSM (VPP), a strategic commercial
card payables solution to corporations. TSYS’ VPP enables the
generation of secure, virtual, single-use account information in
real-time with more control over account and transaction
parameters. It will allow J.P. Morgan to broaden their virtual
card solution through issuance on both the Visa® and Mastercard®
networks.
TSYS’ VPP reduces risk, improves operational efficiency and
makes it easier for both accounts payable and accounts receivable
to reconcile transactions. 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 takes pride in being a trusted partner in commercial
payments, helping our clients implement a best-in-class payables
platform,” said Scot Yarbrough, Group Executive of Commercial
Services, TSYS. “We are thrilled that J.P. Morgan’s Commercial
Card business is utilizing our solution to continue to grow their
business by leveraging the latest technologies.”
“Virtual cards are a vital component of our clients’ payments
strategy and business operations and this will continue to power
our clients’ and suppliers’ growth,” said Naney Pandit, Head of
Commercial Card Product at J.P. Morgan.
About TSYS
TSYS® (NYSE: TSS) is a leading global payments provider,
offering seamless, secure and innovative solutions across the
payments spectrum — from issuer processing and merchant acquiring
to prepaid program management. We succeed because we put people,
and their needs, at the heart of every decision. It’s an approach
we call ‘People-Centered Payments®’.
Our headquarters are located in Columbus, Ga., U.S.A., with
approximately 11,800 team members and local offices spread across
13 countries. TSYS generated revenue of $4.9 billion in 2017, while
processing more than 27.8 billion transactions. We are a member of
The Civic 50 and were named one of the 2017 World's Most Ethical
Companies by Ethisphere magazine. TSYS is a member of the S&P
500 and routinely posts all important information on its website.
For more, visit tsys.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20180207005324/en/
TSYS Media RelationsCyle Mims,
+1-706-644-3110cylemims@tsys.com
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