TSYS' full year 2013 revenues (including reimbursables) were $2.1bn, a growth of 14.0%. The underlying fundamentals of the business (number of accounts on file and transaction volumes) grew aggressively in 2013, increasing 13% and 15% respectively. 

In 2013 TSYS continued to enjoy strong revenue and earnings growth. Growth in the merchant business is continuing to accelerate, based partly on:

• Competitor weakness (others such as First Data will report in early February and will indicate whether that trend will continue) 
• Merchant dissatisfaction with card schemes and the desire to obtain a processor with fewer if any issuer loyalties.

The international business grew at 5.8% in fiscal Q4, the strongest of any segment. This growth occurred in spite of headwinds from currency exchange rates due to a strengthening dollar. If the dollar moderates, TSYS will have very strong double digit growth in its international business, where its long-term growth opportunities lie. 

The next few years should see international growth for TSYS accelerate to even higher levels (20% and 30% growth rates). The payments business, in particular merchant acceptance, is certainly not subject to the rules of the "new normal". The question is whether high growth rates and low capital charges from regulators will draw in new competitors to the payments business - but the complexity of the business would make it very difficult for most would-be entrants.