TSYS has inked an agreement with Ethoca, a global provider of collaboration-based technology that enables card issuers and e-commerce merchants to stop card-not-present fraud, recover lost revenue and eliminate chargebacks.
Launched through this agreement, the TSYS Transaction Recovery Network, powered by Ethoca, provides near real-time notification of confirmed fraud that empowers issuers and online merchants to quickly recover lost revenue and eliminate the need for expensive and time-consuming chargeback processes.
The new chargeback mitigation solution uses a simple and effective process that allows speed to market and ease of integration for financial institutions. TSYS provides the connection to automatically deliver confirmed fraud data from the issuer to Ethoca in near real time. In turn, Ethoca passes confirmed cases of card fraud across a large, global merchant network to recover funds via transaction reversal or refund, negating the need for the issuer to initiate a chargeback.
The process allows fraudulent transactions to be remedied quickly, saving time and costs, while creating a vastly improved experience for cardholders inconvenienced by fraud.
There are currently thousands of merchants across five continents, and hundreds of issuers of all sizes enrolled in Ethoca’s global network; it is the world’s largest collaboration network of its kind. According to Ethoca results, issuers who have adopted this technology have seen an average fraud mitigation rate of up to 65 percent, up to 84 percent resolution rate with highly disputed merchants, up to 75 percent recovery rate on low-value transactions that would otherwise be written off, and up to 40 percent recovery rate on 3D Secure losses.
The TSYS Transaction Recovery NetworkSM is available now on select platforms for card issuers with consumer and commercial portfolios in North America as well as internationally.
Seven of the top ten e-commerce brands, seven of the top ten U.S. card issuers, two of the top five U.K. card issuers and more than 3,500 e-commerce businesses around the world rely on Ethoca solutions and the network that powers them.
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