Payment solutions provider TSYS has partnered with Ethoca to enable card issuers and ecommerce merchants to stop card-not-present fraud.
TSYS Transaction Recovery Network, a new risk solution launched through this agreement, offer near real-time notification of confirmed fraud, enabling issuers and online merchants to recover lost revenue and eliminate the need for chargeback processes.
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The chargeback mitigation solution, powered by Ethoca, is available now on select platforms for card issuers with consumer and commercial portfolios in North America as well as internationally.
TSYS group executive Andrew Mathieson said: "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."
Ethoca co-founder and executive vice president of issuer relations Trevor Clarke said: "With TSYS’ Transaction Recovery Network, collaboration between card issuers and merchants will now be available to TSYS card issuers worldwide.
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By GlobalData"Through this initiative, we’re executing on a shared vision: helping card issuers find more efficient and cardholder-friendly ways to combat the costly, damaging effects of fraud and chargebacks."
