TSYS is forming a joint venture with Central Payment, which will continue to do business under its current name (view press release). TSYS owns 60% of the JV which will operate as a TSYS affiliate. Central Payment is a California-based, privately held, direct merchant acquirer servicing small to medium sized merchants through an Independent Sales Agent (ISA) model. It focuses on the restaurant, personal services and retail sectors.
Central Payment is a long-time TSYS client, and currently uses TSYS technology for payment processing. The JV will be governed by a board of directors comprised of executives from both parties. Financial Technology Partners LP and FTP Securities LLC (together ‘FT Partners’) acted as financial and strategic advisors to Central Payment in this transaction.