Total System Services (TSYS), a provider of outsourced payment services, has acquired the remaining 49% stake in the First National Merchant Solutions (FNMS), from First National Bank of Omaha (FNBO) for $169.6m.
TSYS said that the FNMS will be rebranded as TSYS Merchant Solutions. TSYS formed a joint venture with FNBO in April 2010, when it acquired a 51% controlling interest in the direct merchant acquirer and transaction processor.
FNMS offers transaction processing, merchant support, credit underwriting, risk management and value-added services, as well as Visa and MasterCard branded prepaid cards for businesses of any size.
TSYS chairman of the board and CEO Philip Tomlinson said that TSYS Merchant Solutions positions TSYS for further growth in the acquiring industry.