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CIBC Extends Payments Services Agreement With TSYS

Canadian Imperial Bank of Commerce (CIBC) has extended payment services agreement with Total System Services (TSYS), a provider of outsourced payment services, by signing a new multi-year contract for the processing of its Visa consumer credit card portfolio.

The terms of the multi-year agreement were not disclosed.

TSYS offers a range of issuer- and acquirer-processing technologies that support consumer-finance, credit, debit, healthcare, loyalty and prepaid services for financial institutions and retail companies in the Americas, EMEA and Asia-Pacific regions.

Troy Woods, president and chief operating officer of TSYS, said: “We are pleased to announce that one of Canada’s largest and most respected card issuers has chosen to extend their processing agreement with TSYS.

Both CIBC and TSYS recognize the level of customer service and innovation that are needed to succeed in today’s environment, and are committed to continuing our strong relationship as we lead the Canadian credit card market together.”