TSYS Will Process American Express Accounts For CIBC
On a neutral platform, issuers and cardholders can choose any brand
Columbus, Ga., Jan. 9, 2002 - TSYS® has signed a historic five-year processing agreement with Canadian Imperial Bank of Commerce (CIBC), of Toronto, Ontario. Using TS2®, the card industry's most advanced processing system from TSYS, CIBC will become the first bank in Canada to offer both American Express and VISA credit cards.
TSYS will support CIBC as it issues a line of card products under the name "entourage," leveraging American Express' powerful brand name and product development capabilities.
The "entourage" line is being launched with three new credit cards:
- CIBC entourage American Express Card, Canada's first nationwide smart card, which provides greater security for online shopping;
- CIBC entourage Platinum American Express Card with exclusive features and benefits; and
- CIBC entourage Business American Express Card, which offers special benefits for small and medium-sized businesses.
"TSYS is the only third-party processor in the United States or Canada that currently serves institutions that issue cards with the American Express, Visa and MasterCard labels," says Richard W. Ussery, chairman of the board and CEO of TSYS. "By providing the industry's leading brand-neutral processing system, TSYS offers banks and their customers the freedom to choose the products that best meet their unique and changing needs."
In addition to the CIBC entourage American Express products described here, TSYS has serviced several CIBC products since the companies initiated their relationship in 1994: the CIBC U.S. Dollar Card, a consumer card that tracks transactions in U.S. dollars for cardholders who travel often in the United States; the CIBC Commercial Card, a credit card for Canadian businesses to manage corporate expenses like travel, entertainment or purchasing; and consumer credit cards issued by Amicus FSB, a CIBC institution in Florida that issued the company's early credit cards in the United States.
About CIBC
CIBC is a leading North American financial institution offering more than eight million personal banking and business customers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada, in the United States and around the world. CIBC is a leader in electronic banking, with more than three million e-banking customers accessing telephone and Internet banking. CIBC is also Canada's leading credit card issuer and offers a broad range of choice and value. To find other news releases and information about CIBC, visit the bank's Media Center at www.cibc.com.
About American Express Global Network Services
Since 1996, American Express has been aggressively pursuing a strategy of opening its merchant network and card product portfolio to third-party issuers around the world. By leveraging its global infrastructure and the powerful appeal of the American Express brand, the company aims to gain even broader reach for its network worldwide. American Express has established more than 70 card-issuing partnership arrangements in close to 80 countries. For more information about the American Express Global Network Services, please visit www.americanexpress.com/cardissuers.
About TSYS
TSYS (www.tsys.com) brings integrity and innovation to the world of electronic payments. TSYS serves as the integral link between buyers and sellers in the rapidly evolving universe of electronic payments. With more than 215 million accounts on file, TSYS makes it possible for millions of consumers to use their credit, debit, stored value, commercial, smart and retail cards any time, anywhere through any medium or portal. TSYS and its family of companies offer a full range of acquiring and issuing services, from accepting and settling electronic payments for goods and services, to credit applications, bankruptcy and collections. Based in Columbus, Ga., TSYS processes for 23 countries, in 14 currencies, in four languages and maintains operations in Canada, Mexico, Japan, and the United Kingdom. TSYS is an 81.1-percent-owned subsidiary of Synovus Financial Corp. (NYSE: "SNV") (www.synovus.com ), No. 8 on FORTUNE magazine's list of "The 100 Best Companies To Work For" in 2001. For more information, contact news@tsys.com.
Contacts:
Eric S. Bruner
TSYS Media Relations
706.644.8457
ebruner@tsys.com
Susan McDougall
CIBC
416.980.4047
susan.mcdougall@cibc.com
Robert Glick
American Express
201.209.5593
robert.a.glick@aexp.com
Editor’s Notes:
A photo from the news conference will be available on Canada Newswire after 3:00 pm (15:00) ET on Wed., Jan. 9, 2002. The archived webcast of this announcement can be accessed from www.cibc.com.
A satellite feed of the news conference will be available from 10:30 to 11:30 am ET. B-roll footage will be broadcast from 3:30 to 4:00 pm (15:30 to 16:00) ET. Satellite coordinates: Anik E2C, Transponder 1B. Channel 2. Audio subs 6.2/6.8. Downlink frequency 3740. Polarity-Vertical.