TSYS and Ethoca Roll out TSYS Transaction Recovery Network to Cut on Fraud
Credit card processor, merchant acquirer and bank credit card issuer TSYS has teamed up with Ethoca to launch the TSYS Transaction Recovery Network—a new chargeback mitigation solution that seeks to reduce fraud.
The TSYS Transaction Recovery Network provides near real-time notification of confirmed fraud, thus allowing card issuers and ecommerce merchants to recover lost revenue and avoid costly and time-consuming chargeback processes.
This is how the TSYS Transaction Recovery Network works: the solution leverages TSYS’ connection to automatically deliver confirmed fraud data from the issuer to Ethoca. Then, Ethoca passes confirmed card fraud cases across a large, global merchant network to recover funds through transaction reversal or refund. Through this process, fraudulent transactions are solved quickly, thus saving costs and time.
Ethoca, a provider of collaboration-based technology that allows issuers and merchants to increase card acceptance, stop fraud, eliminate chargebacks and recover lost revenue, has thousands of merchants across five continents and hundreds of issuers enrolled in its global network.
The TSYS Transaction Recovery Network is now available on select platforms for card issuers with consumer and commercial portfolios in North America and internationally.
Andrew Mathieson, group executive at TSYS, commented, “With the continued growth of e-commerce payments and the anticipated rise in card-not-present fraud, efficient collaboration between issuing banks and merchants is crucial to help mitigate risk and improve the cardholder experience. The TSYS Transaction Recovery Network enables a collaborative efficiency that reduces online fraud and operational expenses associated with chargebacks.”