Total System Services, Inc. (TSS - Free Report) and SpareBank 1, a leading Norwegian Bank penned an agreement to avail the right to use Total System’s PRIME 4 card management solution. The solution will support the institution’s security, reliability and growth.
In order to cater to the increasing demand amongst customers in Norway, Total System’s solution will be utilized to aid issuance and issuer processing of retail credit, charge, prepaid and contactless cards issued by Mastercard Incorporated (MA - Free Report) and Visa, Inc. (V - Free Report) .
Total System’s PRIME 4 solution is designed in compliance with Service Orientated Architecture and benefits the users with a web-based and scalable solution. The solution allows one platform support for a number of products and speeds up users’ accessibility to the market and its business agility. This solution is widely used not only across the Nordic regions but also across the globe.
The company is aggressively expanding the ambit of its products by forming alliances and signing definitive agreements. The news follows Total System’s strategic coalition with privately-held Acclaris Inc. to offer card processing solutions to the latter in an attempt to expand its healthcare payments services network, recently. It also entered into a joint venture with Central Payment Co., to tap the booming merchant acquiring business market.
Total System’s competitor Fiserv, Inc. (FISV - Free Report) also shares the company’s enthusiasm towards expanding its reach across geographies. Its Capture Solutions was adopted by Navy Army Community Credit Union to ameliorate its total check deposit process along with providing better service to its customers.
BridgePortfolio, Inc., also outsourced Fiserv Portfolio Management and Trading solutions platform for five years.
Fiserv and Total System share the same Zacks Rank #3, which translates into a short-term Hold rating. We maintain a long-term Neutral stance on Total System’s shares.