TSYS to power JP Morgan’s commercial virtual card issuance
Paytech firm TSYS announced that JP Morgan will leverage its Virtual Payment Precept (VPP) to broaden its virtual card solution, reports Julie Muhn at Finovate (FinTech Futures’ sister company).
VPP is a commercial card solution that enables issuers to generate secure, virtual, single-use account information in real-time, offering a more flexible and faster card issuance program that gives more control over account and transaction parameters. JP Morgan will use VPP to issue cards on both Visa and Mastercard networks.
“Virtual cards are a vital component of our clients’ payments strategy and business operations,” says Naney Pandit, head of commercial card product at JP Morgan.
VPP technology allows businesses to set limits on what each account can be used for. And virtual cards replace static account numbers on physical cards that are vulnerable of being compromised. These two factors help reduce risk and improve operational efficiency, TSYS says.
Last December, TSYS extended its agreement with Capital One to continue providing processing services for the bank’s North American clients. That same month, TSYS closed its acquisition of a fellow paytech company, Cayan, for $1.05 billion.
TSYS was founded in 1983 and has 11,500 employees across offices in 13 countries. In 2016, the company processed 25.5 billion transactions, generating $4.2 billion in revenue. TSYS is a publicly traded company.