TSYS Signs Up First Two Credit Unions in Return to Issuing Program
TSYS, the nation’s second-largest card processor, has signed credit card processing contracts with two credit unions, the firm said Wednesday.
The new credit unions are the 84,000-member, $760 million St. Mary's Bank, the oldest credit union in the country, in Manchester, N.H., and the 104,000-member, $1.1 billion Oregon Community Credit Union in Eugene, Ore.
The credit unions signed on through a program the processor is calling TSYS Program Solutions it said is designed to help both credit unions and community banks which have left card issuing to get back into it.
As of Sept. 30, according to NCUA records, St. Mary's Bank had issued six new credit card loans and had outstanding balances of $372. Oregon Community had issued 3,561 cards and held outstanding balances of $5,474,889.
TSYS spokesman Cyle Mims confirmed these were the first two credit unions to have signed on with the processor in this particular program, but added that the processor already handled card transaction for other credit unions, particularly larger ones which used to be the firm's primary market.
“Our TSYS Program Solutions division has worked hard to develop an end-to-end solution that brings value to institutions of all sizes from community banks and credit unions to regional institutions and global banks,” said Philip W. Tomlinson, chairman and CEO at TSYS in Columbus, Ga.