COLUMBUS, Ga.–May 24, 2016–TSYS (NYSE: TSS), the leading processor of commercial card payments, today announced the launch of a new commercial payment solution that will streamline business-to-business (B2B) virtual payments and further enhance the ePayables process flow. TSYS Virtual Payment PreceptSM (VPP) is an innovative new solution that reduces risk, improves operational efficiency and greatly increases control over accounts payable and accounts receivable payments and reconciliation. VPP leverages existing TSYS technology with an improved processing design to deliver secure, virtual single-use accounts in real time with enhanced control over account and transactional base parameters.
According to a recent report from the Association for Financial Professionals, nearly 80 percent of companies are transitioning to electronic payments for B2B transactions1.
“With increasing demand, it is vital to have the most secure and cost efficient process in place to facilitate these transactions,” said Scot Yarbrough, group executive of commercial services, TSYS. “We have anticipated this need and delivered a solution that enables our issuing clients to offer cutting edge technology to their corporate customers. This new solution will provide the proper scalability for the aggressive growth projected in this market while leveraging TSYS’ proven security and reliability.”
TSYS VPP offers unparalleled authorization and decision controls for buying organizations. For issuers, this can drive portfolio growth, reduce fraud and increase revenue in the B2B space.
This product is currently available to commercial card issuers across North America.
TSYS® (NYSE: TSS) unlocks opportunities in payments for payment providers, businesses and consumers. Our headquarters are in Columbus, Georgia, USA, and we operate in more than 80 countries with local offices across the Americas, EMEA and Asia-Pacific.
We provide seamless, secure and innovative solutions across the payments spectrum — from issuer processing and merchant acquiring to prepaid program management — delivered through partnership and expertise. We succeed because we put people, and their needs, at the heart of every decision. It’s an approach we call ‘People-Centered Payments®’.
Our industry is changing every day — and we’re leading the way toward the payments of tomorrow. We routinely post all important information on our website. For more, visit us at tsys.com.