Tsys (NYSE: TSS) today announced it has signed an agreement with 118 118 Money to support the UK lenders’ new consumer credit card program.
118 118 Money is adding a credit card product to complement its existing loan products and chose TSYS to help bring this product to market due to its innovative credit card solutions and commitment to deliver these services in 2018. In addition to card processing services, TSYS will also provide customer service support and fraud and risk management services.
“The launch of the 118 118 Money Card signals a move from the brand to update its product offering to account for the needs of the digitally-savvy generation. In addition to this, we see it as being hugely vital to rebuild the level of trust between financial service providers and the everyday consumer by shaking-up the industry and challenging existing norms,” said James Poole, Chief Marketing Officer at 118 118 Money.
“The 118 118 Money Card sets out to do just that. Based on insights from our customers on what they want from their financial services provider, the unique new proposition has been designed and developed to address the needs for transparent and simple credit in the UK, while remaining extremely accessible and easy-to-use,” continued Poole. “We anticipate the introduction of this new type of model as being the first step in enacting widespread positive changes in the industry as we seek to inspire a more financially responsible Britain.”
“TSYS supports 118 118 Money’s goal to be the financial services provider of choice for near-prime customers in the UK,” said Rene Kruse, Group Executive and Managing Director of International Markets, TSYS. “We feel 118 118 Money’s experience as a lender combined with our expertise in the payments world, will create a successful relationship for years to come.”
Terms of long-term agreement were not released.