Ethoca, TSYS and Capital One UK Collaboration Highly Commended for Innovation at The Card & Payments Awards 2018
February 05 2018 - 3:00AM
Business Wire
Automating fraud loss avoidance and recoveries
created a better customer experience, cut costs and led to
commendation for Best Industry Innovation of the Year
distinction.
Ethoca, along with partners Capital One UK and TSYS, announced
today that it has been highly commended for Best Industry
Innovation of the Year at The Card & Payments Awards held
in London, UK.
With rising ecommerce fraud, financial institutions today are
increasingly focused on fraud mitigation, the customer experience
and their cost/ability to recover losses. Early in 2016, Ethoca and
TSYS collaborated to launch the Transaction Recovery Network
(powered by Ethoca). This gave Capital One UK, as well as other
card issuing banks, a completely automated way to stop and recover
card-not-present (CNP) fraud losses through a simple and highly
effective integration. As a result, participating merchants on the
Ethoca Network were able to stop and refund/avoid settlement on
394% more fraudulent transactions on a monthly basis (compared to
the previous manual file process). Meanwhile, Capital One UK
ensured the best possible experience for its cardholders and
eliminated unnecessary operating expenses while also making the
most of its existing IT investments.
Speaking on the commendation, Keith Briscoe, Ethoca’s Chief
Marketing Officer, commented: “We’re thrilled to be acknowledged
for our work with TSYS and Capital One UK to reduce fraud and
improve the customer experience. We’re pleased the judges
recognised the power of the TSYS Transaction Recovery Network
(powered by Ethoca), which provides near real-time notification of
confirmed fraud that empowers issuers like Capital One UK, as well
as merchants, to quickly recover lost revenue and eliminate the
need for expensive and time-consuming chargeback processes.”
“With the continued growth of online commerce, it takes a
constant effort to develop new, and innovative ways to combat the
corresponding increase in fraud,” says Karim Ahmad, EVP Global
Product and Innovation for TSYS. “The TSYS Transaction Recovery
Network powered by Ethoca was developed as a collaborative,
efficient solution that reduces online fraud and the operational
expenses associated with chargebacks. This recognition by The Card
& Payments Awards is a testament to the value we have been able
to create in this area though our partnership with Capital One UK
and Ethoca.”
“Capital One is delighted to be highly commended in the Industry
Innovation of the Year category in partnership with Ethoca and
TSYS,” says Rob Harding, Managing Vice President, Capital One
(Europe). “The team have worked together to automate notifications
of fraudulent purchases in real-time to retailers so that orders
can be quickly cancelled, reducing fraud throughout the payments
ecosystem.”
The annual Card & Payments Awards, which took place on
Thursday, 1st February at the Grosvenor House Hotel in London’s
Park Lane, recognise excellence and innovation in the UK and Irish
card and payments industries.
This commendation recognises the performance of the TSYS
Transaction Recovery Network (powered by Ethoca) and Ethoca Alerts
– a faster, more cost-effective and customer friendly alternative
to the chargeback process. It provides an early warning on fraud
and disputes that have already been confirmed between cardholders
and their issuing bank, giving merchants the opportunity to stop
fraud, halt the delivery of goods and services, and refund
cardholders to avoid impending chargebacks. Card issuers who use
the service benefit by avoiding chargeback processing costs and
recovering fraud losses – including 3D Secure and low-value
transaction write-offs – much more quickly and inexpensively than
ever before.
About Ethoca
Ethoca is the leading, global provider of collaboration-based
technology that enables card issuers, ecommerce merchants and
online businesses to increase card acceptance, stop more fraud,
recover lost revenue and eliminate chargebacks from both fraud and
customer service disputes. Through the Ethoca Network – the first
and only of its kind in the industry – we are closing the
information gap between card issuers and merchants. This unique
capability makes fraud and customer dispute insight available and
actionable in real time.
Our suite of services delivers significant revenue growth and
cost saving opportunities to more than 5,400 merchants in 40+
countries and more than 580 card issuers in 20+ countries. Eight of
the top ten North American ecommerce brands, 14 of the top 20 North
American card issuers and six of the top ten UK card issuers rely
on Ethoca solutions and the network that powers them.
About TSYS
TSYS® (NYSE: TSS) is a leading global payments provider,
offering seamless, secure and innovative solutions across the
payments spectrum — from issuer processing and merchant acquiring
to prepaid program management. We succeed because we put people,
and their needs, at the heart of every decision. It’s an approach
we call ‘People-Centered Payments®’.
Our headquarters are located in Columbus, Ga., U.S.A., with
approximately 11,800 team members and local offices spread across
13 countries. TSYS generated revenue of $4.9 billion in 2017. We
are a member of The Civic 50 and were named one of the 2017 World's
Most Ethical Companies by Ethisphere magazine. TSYS is a member of
the S&P 500 and routinely posts all important information on
its website. For more, visit tsys.com.
About Capital One
Capital One UK is part of Capital One Financial Corporation
(NYSE: COF), a Fortune 500 company trading on the New York Stock
Exchange and is included in the S&P 100 index. Headquartered in
McLean, VA, Capital One is a diversified financial services company
whose principal subsidiaries, Capital One, N.A., Capital One Bank
(USA), N.A., and Capital One Auto Finance, Inc., offer a broad
spectrum of financial products and services to consumers, small
businesses and commercial clients.
Capital One’s UK Registered Office: Trent House, Station Street,
Nottingham, NG2 3HX
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version on businesswire.com: http://www.businesswire.com/news/home/20180205005335/en/
Media:EthocaKeith Briscoe, +1 416-312-8105Chief Marketing
Officerkeith.briscoe@ethoca.comorTSYS Media RelationsCyle Mims, +1
706-644-3110cylemims@tsys.comorCapital One UK Media
Contact:Citigate Dewe RogersonPatrick Evans, (+44) 7774
133934Patrick.Evans@citigatedewerogerson.com
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