Navy Federal Signs TSYS for Merchant Card Processing
The largest credit union in the country has agreed to offer to its business members the services of one of the nation's largest merchant processors.
“TSYS has been a valued partner of Navy Federal for more than a decade, and we look forward to expanding our partnership with them by offering their merchant solutions to our business members,” said Jim Salmon, vice president of Business Services at Navy Federal. “Navy Federal’s members expect a high level of service and value, both of which I believe TSYS can consistently provide with their suite of merchant solutions.” The credit union has not yet commented on how many of its 4.5 million members have merchant accounts.
As of the end of 2013, according to NCUA data, Navy Federal's credit card portfolio had roughly 1.4 million cards worth roughly $8 billion.
“We are excited that Navy Federal has chosen to expand its relationship with TSYS to include partnering in the merchant business,” said Mark Pyke, president of TSYS’ Merchant Services segment. “Their partnership with us, both for issuing and merchant processing services, is a great example that shows TSYS products and services are not just for banks and retailers — we have a lot to offer credit unions as well.”