Adding a new dimension to its existing suite of offerings, TSYS signed a multi-year agreement with Lockheed Martin IMS to provide various processing services to meet Lockheed’s electronic benefits transfer needs. TSYS, with its new Integrated Payments Platform, will assist LMIMS in providing transaction processing, settlement, and recipient call center services to LMIMS clients. This agreement with LMIMS solidifies TSYS’ entry into the EBT market.
The U.S. federal government has mandated that by October 2002, all federal funds be disbursed electronically, replacing paper coupons with plastic cards. Currently 41 states, the District of Columbia, and Puerto Rico have operational food stamp EBT systems, which represent the bulk of the EBT transactions. In 2001, 17.6 million people qualified for food stamp EBT benefits. An estimated 800,000 more recipients are expected in 2002.
The TSYS Integrated Payments Platform enables states to meet new federal requirements for electronic benefits programs such as food stamps, Temporary Assistance for Needy Families (TANF), and Supplemental Security Income (SSI), by providing quality and sustained system performance. The TSYS Integrated Payments Platform is a highly scalable processing platform with a redundant authorization system that allows for real-time benefit adjustments 24 hours a day, seven days a week. Unlike its competitors, TSYS has the ability to house multiple programs on one card, giving states flexibility in their program implementation.
In addition to the EBT programs, the Integrated Payments Platform supports the online and offline debit and stored value markets, giving clients access to all national and regional networks, ATM driving and switching services for online debit processing.
TSYS 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 almost 200 million accounts on file, TSYS makes it possible for millions of consumers to use their credit, debit, stored value, commercial, chip and retail cards anytime, anywhere through any medium or portal. TSYS and its family of companies offer a full range of acquiring and issuing services from accepting electronic payments for goods and services, to credit applications, bankruptcy and collections. Based in Columbus, Ga., TSYS processes for 21 countries, in 11 currencies, in three languages and maintains operations in Canada, Mexico, Japan, and the United Kingdom. TSYS is an 80.8 percent-owned subsidiary of Synovus Financial Corp. (NYSE: SNV) (http://www.synovus.com ), No. 8 on FORTUNE magazine’s list of “The 100 Best Companies To Work For” in 2001. For more information, contact email@example.com .Details