By Robb M. Stewart
Global Payments Inc. shares roae Wednesday after the payments technology company signed a long-term agreement with Truist Financial Corp. to process the bank's consumer, commercial and small business credit card portfolios.
In afternoon trading, Global Payments shares were up 3.8% to $173.22. The stock is now down 5.2% year-to-date.
Truist is expected to start conversion-related activities in late 2021 to use the issuer processing services of Global Payments' issuer solutions business in 2022, Global Payments said. Terms of the agreement weren't disclosed.
Shares of Truist were down 1.9% at $34.57.
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