NetSpend is a wholly owned TSYS subsidiary and TSYS’ fourth operating segment focusing on direct to consumer products and services. NetSpend will continue to be led by chief executive officer Dan Henry and president Chuck Harris. The segment will report directly to Troy Woods, president and chief operating officer of TSYS.
NetSpend delivers general-purpose reloadable prepaid debit cards and related financial services to the 60 million underbanked consumers in the US. For its partners, NetSpend offers services including a proprietary processing platform, card fulfillment, customer service and risk management functionalities.
In recent news, TSYS has entered an agreement with financial institution KeyBank to provide payment processing for the bank’s consumer credit card portfolio.
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