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A year after it acquired the 50% interest in Vital Processing Services that it didn't already own, Total System Services Inc. (TSYS) has renamed the merchant-acquiring processor TSYS Acquiring Solutions and announced several new product lines. The Columbus, Ga.-based company, which is known primarily as a processor for card-issuing banks, bought out Visa USA's stake in Tempe, Ariz.-based Vital after jointly operating the processor for nearly a decade. “Our new name leverages and builds on a strong and respected TSYS brand?both domestically and internationally?and allows us to accelerate innovation, create more strategic value, and further develop opportunities for our client parters, for our employees, for our stakeholders, and now, as part of a publicly traded company, our shareholders,” said Beverly Wells, president and chief executive of TSYS Acquiring Solutions, in a statement. As part of the announcement of the processor's new name, TSYS said the unit is introducing new products in contactless, dynamic currency conversion, gift cards, and petroleum and convenience-store transactions. Meanwhile, San Jose, Calif.-based terminal maker VeriFone Holdings Inc. won a $7 million contract from merchant acquirer RBS Lynk to supply payment devices and wireless connectivity services for resale by RBS to merchants. The contract covers countertop and wireless devices in VeriFone's Omni 3700, Omni 7000, and Vx Solutions product lines, as well as PIN pads. It also embraces VeriFone Connect, a connectivity service for wireless devices.
