Total System Services Inc. said it has signed a multiyear credit card processing agreement with Royal Bank of Canada.
The signing of Canada's largest commercial bank, which has the largest cardholder base and second-largest card volume in the country, gives Total System seven major customers in Canada.
The Royal signing came on the heels of another major contract with Canadian Tire Acceptance Ltd., a MasterCard issuer.
Royal Bank, a Visa member with more than five million accounts, was a Total System commercial card customer since 1995 but processed consumer cards in-house. It will convert them to Total System's TS2 system.
"We went through an exhaustive research and evaluation process before choosing TSYS," said Royal Bank executive vice president Mark K. Tonnessen, a former Banc One Corp. executive. He said working with Total System "will enhance our ability to offer our cardholders new and innovative products in a timely manner."
The agreement requires approval from Canada's Office of the Superintendent of Financial Institutions.