New Agreement Includes Exclusive Healthcare Partnership
COLUMBUS, Ga.--(BUSINESS WIRE)--TSYS announced today that it has signed a new long-term agreement with U.S. Bank. As part of the agreement, TSYS will continue to support the bank’s commercial card payment services, as well as become its exclusive partner in providing card processing services for the bank’s Consumer Directed Healthcare (CDH) benefit cards, issued by its Healthcare Payment Solutions business line.
The CDH agreement will allow U.S. Bank cardholders to eventually access multiple spending accounts, cash and lines of credit from a single card.
“Now, more than ever, consumers need to control and manage how their healthcare dollars are spent. We are confident that TSYS is the right choice for our business, as we continue to expand our suite of innovative, card-based healthcare payment options to those consumers,” said Ralph Bernstein, senior vice president of U.S. Bank Healthcare Payment Solutions.
“U.S. Bank has been among the most valued commercial card clients for more than two decades, and we are proud to add this new element to our long-standing relationship,” said M. Troy Woods, president and chief operating officer of TSYS. “We look forward to helping the bank develop cost-effective benefit payment choices for its consumer directed healthcare program.”
Terms of the multi-year agreement were not released.
About U.S. Bancorp
U.S. Bancorp (NYSE: USB), with $264 billion in assets, is the parent company of U.S. Bank, the 6th-largest commercial bank in the United States. The company operates 2,847 banking offices and 5,183 ATMs in 24 states and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at usbank.com.
About U.S. Bank Healthcare Payment Solutions
Healthcare Payment Solutions helps patients pay and providers collect. An outgrowth of U.S. Bank's long-standing commitment to the healthcare community, Healthcare Payment Solutions delivers innovations that simplify the receipt and processing of payments, provide new and better ways for patients to meet their financial obligations, and support the relationship among the participants in the healthcare continuum. U.S. Bank's Healthcare Payment Management recently earned a peer-review designation from the Healthcare Financial Management Association, and its Health Savings Accounts rank among the industry's best. For more information about Healthcare Payment Solutions, please contact usbankhealthcare@usbank.com or call 866-285-0933.
About TSYS
TSYS (NYSE: TSS) is one of the world’s largest companies for outsourced payment services, offering a broad 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. For more information contact news@tsys.com or log on to www.tsys.com. TSYS routinely posts all important information on its Web site.
About TSYS Healthcare
TSYS Healthcare, based in Minneapolis, Minn., was created as a division of TSYS in 2007 to provide end-to-end solutions tailored to the emerging market of consumer-directed healthcare. TSYS Healthcare is a founding member of the Special Interest Group for IIAS Standards (SIGIS), formed in 2007 to enable real-time, auto-substantiation for eligible medical items purchased with a FSA/HRA payment card. The division provides financial institutions, insurers, participants and third-party administrators (TPAs) with the expertise and support to navigate all aspects of health savings accounts (HSAs), health reimbursement arrangements (HRAs), flexible spending accounts (FSAs) and lines of credit. Its new processing model enables consumers to use a single card to access their healthcare dollars. For more information about TSYS Healthcare contact healthcare@tsys.com or visit www.tsyshealthcare.com.
