A split-pressure, dual-pump system for supplying hydraulic fluid to a multi-speed transmission is provided. The system includes a low-pressure work circuit operatively connected to a fixed displacement pump, and a high-pressure work circuit operatively connected to a variable displacement pump. The system also includes a regulator valve fluidly coupled to the variable displacement pump via a decrease circuit and an overage circuit for regulating the flow of fluid to the high-pressure work circuit. The invention consists of separating the high-pressure needs of the system into a separate work circuit from the low-pressure needs of the system, and optimizing pump design separately for each work circuit to maximize transmission efficiency and reduce parasitic losses. A method of supplying hydraulic fluid to a multi-speed transmission at variable flow and pressure is also provided.