TSYS and Canadian Tire Extend Payment Services Agreement

TSYS (NYSE:TSS) announced that it has renewed its agreement with Canadian Tire Financial Services, a division of Canadian Tire Corporation, Limited, to exclusively process its payment cards programs. The multi-year agreement includes Canadian Tire’s MasterCard-branded and private label retail portfolios.

“As one of the largest bankcard franchises in Canada, Canadian Tire Financial Services relies on the customized products and secure services of TSYS,” said Marco Marrone, president of Canadian Tire Financial Services. “TSYS is committed to technological innovation which allows us to serve our customers with enhanced flexibility and efficiency.”

“Canadian Tire is a marquee brand and a client that consistently seeks to launch new and innovative products for its customers,” said M. Troy Woods, president and chief operating officer of TSYS. “As Canada’s premier retailer, they utilize TSYS systems and services as a key marketing advantage for their cards and payments programs.”

In addition to issuer processing and merchant acquiring services, TSYS provides Canadian Tire with a number of additional services, including fraud and risk management, portfolio analysis and a rewards and loyalty program.

Canadian Tire has been a TSYS client since 1998. Terms of the renewal were not released.

Canadian Tire Corporation, Limited (TSX: CTC), operates an inter-related network of businesses engaged in retail, financial services and petroleum. The Company operates more than 1,160 stores, gas bars and car washes, including the country’s most-shopped general merchandise retailer. Canadian Tire Financial Services manages approximately 4.6 million Canadian Tire MasterCard accounts and markets related to financial products and services for retail and petroleum customers. More than 57,000 Canadians work across Canadian Tire’s organization from coast-to-coast in the enterprise’s retail, financial services, and petroleum businesses.

TSYS 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, debt management, healthcare, loyalty and prepaid services for financial institutions and retail companies in the Americas, EMEA and Asia-Pacific regions.