Virgin Money extends card processing agreement with TSYS
Virgin Money has signed a long-term deal with TSYS for debit card processing in the UK. The bank is already using the payments vendor’s TS2 solution for its credit card operations.
Mark Parker, COO of Virgin Money, says the successful implementation for TS2 for credit cards helped TSYS to expand the deal. The vendor has demonstrated it can provide “a similar secure and resilient solution” to support the bank’s current account proposition, he says.
“We are building a flexible solution to enable us to issue contactless MasterCard debit cards.”
Virgin Money has also recently embarked on a major technology overhaul. Having evaluated a number of vendors and products (including Temenos’ T24 and Fiserv’s Signature), it opted for a newcomer in the banking technology space, 10x Future Technologies, to help it build a new core banking platform.
10x, set up by former Barclays CEO Antony Jenkins, does not have a product yet, but is going to build it together with Virgin Money. The bank says it is taking the “best of breed” approach, but it is yet unclear which legacy systems will be replaced and which will be retained.