TSYS announced its Enterprise Tokenization solution to secure payment card information for purchases made online, through mobile devices and “digital wallet” applications. The solution is a key component of the company’s Connected Mobility agenda which includes API interfaces and consumer-facing applications to support payments, communications and commerce. To truly secure mobile commerce and provide increased protection against unauthorized account use, including that stemming from data breaches and other forms of fraud, TSYS Enterprise Tokenization protects card data by substituting a card’s Primary Account Number (PAN) with a token. The token acts as a substitute value for the actual PAN, while the data is in flight and at rest inside an issuer’s or retailer’s systems. The true PAN value associated with the token can be identified at any time with the right decryption keys. This preserves the length and format as the original PAN, and is no different from standard payment card information for transaction processing systems, applications, storage and tools.
TSYS announced it has upgraded to its PRIME 4 card management solution for C. Hoare & Co independent private bank. This will support the bank’s Visa credit and debit card portfolios C. Hoare & Co. is one of the financial institutions across 70 countries that license TSYS PRIME issuer or acquirer solutions. The bank has been a TSYS client since 1992 and upgraded from an earlier version of the platform in order to take advantage of PRIME 4’s future-proof architecture, integrated workflows, increased automation and richer functionality.
ProPay announced today a partnership with ThreatMetrix® to provide advanced fraud prevention solutions to its customers. Through this partnership, ProPay customers can have access to state-of-the-art tools to help protect them against cybercriminals. The solution ” a cloud-based, real-time identity verification tool ” helps validate returning customers and prospects, while protecting a wide range of transactions, including account creation, login authentication, and payment authorization.
Chuck Harris has been named senior executive vice president of TSYS and will continue to serve as president of NetSpend. Harris joined NetSpend as president in July, 2010, with responsibility for the partner, direct and corporate paycard lines of business, as well as the company’s products, technology and operations. Harris joined NetSpend from Intuit where he had served as general manager of the company’s payment solutions division. Prior to Intuit, he served as chief executive officer, president and chief operating officer of Electronic Clearing House (ECHO), an electronic payment solutions provider that was acquired by Intuit in 2007. Earlier in his career, Harris also served with Paymentech and its Merchant Link subsidiary.
TSYS announced Philip W. Tomlinson decided to retire as CEO. In his place, M. Troy Woods has been elected by the TSYS board of directors as president, CEO, effective July 31, 2014. Tomlinson will continue to serve as executive chairman of the board of TSYS until the 2015 Annual Shareholders’ Meeting. Woods started his career at Columbus Bank and Trust Company in 1970, working part time in the bankcard department and eventually becoming a vice president. He left the company in 1977 to become senior vice president of consumer lending for AmSouth Bank in Birmingham, Ala. Woods rejoined TSYS in 1987 and directed the company’s international expansion, strategic planning, major client negotiations and the company’s launch of TS2. Most recently, he guided the company’s diversification strategy into faster growing areas of payments as TSYS moved beyond its roots as a third-party processor for bank issuers and merchant acquirers.
TSYS was honored by Visa for superior service quality in issuer processing authorizations. TSYS received two 2013 Visa Service Quality Performance Awards for lowest assured transaction rate and lowest transaction response time. Visa Service Quality Performance Awards were created in 1992 to recognize members and processors for their outstanding operating performance and focus on service quality improvement. Within each tier, members and processors are recognized for exceptional performance in key operation areas directly affecting their customers. TSYS won in tier 1 for multinational high volume companies. The Lowest Transaction Response Time award recognizes issuer processors that build and support brand preference for Visa by performing authorizations quickly.
TSYS announced that Walter Taylor as their chief procurement officer, responsible for procurement, vendor management and supplier management. Prior to joining TSYS, Taylor served as executive vice president, strategy, of Genesis10, where he was responsible for the firm’s overall strategy for information technology staffing and consulting with clients in the financial services industry. He also served as COO of Pariter Solutions, LLC, a Bank of America and Wells Fargo ACH payment processing joint venture, and senior vice president of Bank of America, responsible for technology and operations procurement and supply chain management. He’s a graduate of the University of Georgia and Mercer University and a Desert Storm veteran.
TSYS announced it has extended its exclusive agreement with Canadian Tire Financial Services to provide processing and other payment card program services. The multi-year extension includes Canadian Tire’s MasterCard-branded and private label retail portfolios. TSYS provides Canadian Tire with a number of additional services outside of traditional issuer processing and merchant acquiring, including fraud and risk management, portfolio analysis and a rewards and loyalty program. Canadian Tire has been a TSYS client since 1998.
TSYS announced the appointment of Paul M. Todd as Senior Executive Vice President and Chief Financial Officer effective July 1, 2014. Paul Todd has served as executive vice president for strategy, mergers and acquisitions, product and marketing since 2008. Over the past four years, Todd directed TSYS’ diversification strategy that included four acquisitions in the direct merchant acquiring business and TSYS’ largest acquisition, NetSpend, which occurred last year. He has been the key driver in developing strategies to lead TSYS into new and faster growing sectors and markets. Prior to 2008, Todd was President and Chief Executive Officer of Synovus Financial Management, a unit of Synovus Financial Corp.
NetSpend, a TSYS Company and prepaid cards, partnered Western Union to develop an innovative co-branded prepaid card, available later this year. With approximately 68 million Americans are financially underserved without access to traditional forms of banking, many are turning to prepaid cards to spend, save and manage their money. With nearly 18% currently underbanked, NetSpend and Western Union will jointly develop the co-branded card’s custom features through NetSpend’s proprietary, fully integrated payments platform, and plan to deliver the card through a portion of their combined distribution networks later this year. NetSpend maintains an extensive network of 70,000 distribution locations and 130,000 reload points. Western Union offers its services in the U.S. through a network that includes banks, national retail and grocery chains and independent locations.
TSYS announced an agreement with Oversight Systems to provide an automated monitoring and analysis solution to help corporate purchasing professionals detect and eliminate fraud, policy misuse, and waste within their card programs. Oversight Insights On Demand – Powered by TSYS is an innovative solution that will facilitate transparency, accountability and growth of card programs for corporate customers. In addition, this solution addresses key barriers to card adoption, namely the lack of operational spend control and associated risk with decentralized purchasing. The solution will be available to TSYS’ commercial clients beginning in the third quarter of this year.
TSYS announced Vietnam Eximbank begun to deploy fingerprint authentication technology for over-the-counter or ATM transactions. Vietnam Eximbank is one of the first banks in Vietnam to apply this technology that enables customers to make a transaction without having the physical card, ID, phone or card number present for identification, and uses only fingerprint verification when performing transactions at the counter or at the ATM. Vietnam Eximbank licenses TSYS’ PRIME single-platform payment processing solution to manage its issuing, acquiring and payment acceptance services. Vietnam Eximbank is planning to extend the biometric solution to point-of-sale networks where fingerprints can be used instead of ID and payment cards. It plans to make these types of transactions common across Vietnam by working with other banks in the country to build acceptance of its fingerprint authentication solution as the de facto standard deployed across the national switch.