Forming a joint venture
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.
Whitepapers
Related reading
Central banks best suited to issue digital currencies
By Aaran Fronda A recent report by the Official Monetary and Financial Institutions Forum (OMFIF) said that central banks rather than private ... read more
Instant payments: innovations inbound for corporates
In 2020, instant payments look set to continue their current trajectory to become the biggest trend in payments. While these schemes already offer numerous benefits to corporates, leveraging innovations such as APIs and request to pay will go some way to unlocking their full potential, argues Michael Knetsch
Obstacles exist for banks to meet ECB’s instant payments goal
The cost of joining instant payment platforms will be one of many hurdles banks and payment services providers must overcome to meet ... read more
Banks must be aware of “biases” in data used to train ML models
Financial institutions need to be conscious of biases in the historical data that is being used to train machine learning (ML) models, ... read more
