TSYS Signs PRIME 4 Agreement With Paynet

COLUMBUS, Ga. & DUBAI, U.A.E.--(BUSINESS WIRE)--TSYS announced today that Paynet, one of Kenya’s leading financial services providers to issuers and acquirers, has signed an agreement to migrate its Visa™ card portfolio to PRIME 4, the latest version of the TSYS licensed card and merchant management solution.

“With its improved security and better risk and dispute management, PRIME 4 delivers extensive functionality and comprehensive benefits. This upgrade is further confirmation that PRIME is the platform of choice for astute financial service institutions.”

Founded in 2003 and headquartered in Nairobi, Kenya, Paynet has been a TSYS client since 2004¹ when it first licensed a card management solution to help provide a full range of outsourced front- and back-office card processing services and fraud management for financial institutions across Kenya and East Africa.

The PRIME platform supports Paynet’s partnership with TSYS in delivering service and innovation, while significantly increasing the availability of payments across the region to improve quality and choice for businesses and consumers. Paynet’s pioneering role was recognised at Aitec Banking and Mobile Money 2012, where the company received the prestigious Industry Leadership Award for the corporate governance, leadership, development and innovation that it continues to provide to the payments industry in East Africa.

"In seeking to further our growing success in this market, Paynet targets only the best technologies available. In PRIME 4 we have found a solution that will meet our multi-institutional needs, and we know TSYS is a partner we can rely on to continue to provide us with first class operational support,” said Bernard Matthewman, chief executive officer of Paynet.

“We are delighted that Paynet has chosen to upgrade its TSYS PRIME solution and look forward to sharing our experience and unrivalled support to help Paynet continue to expand its market offering,” said Jaffar Agha-Jaffar, managing director for the Middle East and Africa, TSYS. “With its improved security and better risk and dispute management, PRIME 4 delivers extensive functionality and comprehensive benefits. This upgrade is further confirmation that PRIME is the platform of choice for astute financial service institutions.”

PRIME 4 is a multi-lingual, multi-currency, multi-institutional and multi-product solution for issuers and acquirers. It has a global footprint spanning approximately 130 clients in more than 70 countries. TSYS has been providing payments solutions in Africa since 1994 and serves more than a dozen clients including the top banks in South Africa, Nigeria and Kenya. With regional headquarters in Dubai, U.A.E., TSYS maintains locally-based expert support teams with access to 8,000 specialist staff worldwide.

About TSYS

At TSYS, (NYSE: TSS), we believe payments should revolve around people — not the other way around. We call this belief "People-Centered Payments^SM." By putting people at the center of every decision we make, with unmatched customer service and industry insight, TSYS is able to support financial institutions, businesses and governments in more than 80 countries. Offering merchant payment-acceptance solutions as well as services in credit, debit, prepaid, mobile, chip, healthcare and more, we make it possible for those in the global marketplace to conduct safe and secure electronic transactions with trust and convenience.

TSYS’ headquarters are located in Columbus, Georgia, with local offices spread across the Americas, EMEA and Asia-Pacific. TSYS provides services to more than half of the top 20 international banks, is a Fortune 1000 company and was named one of the 2012 World's Most Ethical Companies by Ethisphere magazine. For more information, please visit us at www.tsys.com.

¹Paynet was formerly a client of Card Tech Limited (CTL) which was acquired by TSYS in 2006