TORONTO & LONDON--(BUSINESS WIRE)--
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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