TIO Networks has entered into a partnership with BAF Global Group, marking the payment processing company's first foray into international markets, according to Banking Technology.

With this licensing deal, venturing into the Bahamas, TIO will be looking to expand internationally and leverage its strengths in payment processing and billing in a new market, according to Financial Post. The Bahamas represents a testing ground for the company to deploy its on-premise hardware. If the utilization and scaling of the cloud-based payment infrastructure is successful here, the company will be looking to further expand its reach into other international markets.

"We are proud to have partnered with BAF for the launch of our first international licensing arrangement," Hamed Shahbazi, Chairman and CEO of TIO Networks, said in a statement. "With this integration, BAF is now able to onboard their own billers without having to create the transaction engine on their own, while enabling biller partners to offer a variety of convenient walk-up payment solutions for end customers."

According to Banking Technology, TIO has more than 60,000 endpoints in Canada and the United States, primarily focusing on payment processing for utility bill issuers.