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Payment processor Total System Services (TSYS) this week says it is embarking on a new approach to technology, one that forms a core component of its business and information technology strategy.
Called Surround, the approach is expected to lead to products that have easier integrations, greater flexibility and financial innovation, Columbus, Ga.-based TSYS says. Initially TSYS is testing the scheme on its global acquiring platforms, and expects to move to a follow-on test with a large Canadian client. TSYS expects to make it broadly available in the second quarter of 2015.
TSYS says Surround will rely on the processor’s ability to connect its network with that of third-party platform technologies, including mobile, cloud, big data and social.
“We will be partnering with a limited number of new players as we identify services that can add incremental value to our clients and their cardholders. These efforts support simplifying the complexity in payments,” said M. Troy Woods, TSYS president and chief executive, in a press release.
For the third-quarter, TSYS reported that 73% of its revenue originated with consumer services with 23% from its commercial business and 4% other. TSYS says its routes more than $2.6 trillion in payments per year.
