TSYS Unveils New Authentication Solution

https://finovate.com/tsys-unveils-new-authentication-solution/
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The new TSYS Authentication Platform, launched late last week, is the product of a collaboration between TSYS and four other companies – Featurespace, Emailage, InAuth, and Payfone – three of them Finovate alums. The solution leverages consumer experience data culled directly from cardholder touchpoints to deliver real-time verification on all kinds of remote customer interactions ranging from account origination and purchases to profile and password updating.

The platform, which integrates into TSYS client’s existing authentication systems, is available in Europe and will be launched in North America next year.

“At TSYS, we understand how various transactions are connected because we work with a global network of card issuers representing millions of individual accounts,” explained TSYS Issuer Solutions SVP of Product Strategy and Commercialization Justin Griggs. “If a device has been compromised in Ireland, for example, we can use that information to flag a remote login attempt in North America. We have real-time knowledge of potential fraud issues, and now we’re using that information to help our clients authenticate their customers and transactions across any use case.”

Although the partnership that helped bring the TSYS Authentication Platform to life brought in some new partners for TSYS, the company has a history with at least one of its collaborators: Featurespace. Two years ago, the two firms teamed up to launch TSYS Foresight Score with Featurespace, a fraud prevention solution that leverages machine learning to improve its effectiveness and accuracy over time without requiring human reprogramming.

“Our ARIC platform was specifically designed to help manage complex problems like transactional card fraud,” Featurespace CEO Martina King said when the partnership was announced. “Combined with TSYS’ industry experience, and robust client base, this product has tremendous potential in the fight against fraud.”

TSYS demonstrated its Authorization Controls solution at FinovateAsia 2013. The technology enables users to set default spending limits, category permissions, and other authorization rules and parameters on their accounts. The technology also supports user defined authorizations such as Alert, Decline, and Pre-Authorize, to provide increased visibility into and control over what happens during a transaction attempt.

Founded in 1983 and based in Columbus, Georgia, TSYS announced a mega merger earlier this year. The company agreed to be purchased by merchant acquirer Global Payments in a deal valued at $21.5 billion. Combined, the new entity will provide payment technology solutions to more than 3.5 million SMEs and 1,300+ financial institutions around the world.

https://finovate.com/tsys-unveils-new-authentication-solution/