This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.
Finovate Blog
Tracking fintech, banking & financial services innovations since 1994
FICO and risk investigation solutions provider Arachnys partner to help FIs improve their client onboarding and record management processes.
Bill.comcelebrates grand opening of new Houston office.
Finicityships new Verification of Income and Employment (VOIE) solution using TXVerify technology.
SecureKeycollaborates with Digital Bazaar to streamline organizational identity proofing.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.
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 launchTSYS 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.
Merchant acquirer Global Payments has agreed to buy issuer processor firm Total System Services (TSYS) in a $21.5 billion deal, reports Jane Connolly of Fintech Futures (Finovate’s sister publication).
The two companies confirmed the deal today (May 28) in what will be the payment industry’s third “mega-merger” of 2019. The all-stock deal values TSYS at $119.86 per share, a rise of 20% since before news of the talks started to emerge.
Global Payments shareholders will own 52% of the combined company, while TSYS investors own 48%. TSYS CEO Troy Woods will become the chairman.
The combined entity will provide payment technology and software to more than 3.5 million small to medium-sized merchants and over 1,300 financial institutions worldwide.
It is expected that the deal, anticipated to close in the fourth quarter, will generate around $8.6 billion in adjusted net revenue annually plus network fees and make cost savings of $300 million.
TSYS was founded in 1983 and is headquartered in Columbus, Georgia. The company demonstrated its Authorization Controls solution at FinovateAsia 2013, showing how the technology enabled users to set their own default account parameters and authorization rules.
Vents Magazine highlightsTrustly’sPay’N Play technology.
The 2019 Aspire Leaderboard recognizes Quadient as overall leader for CCM for the second year in a row.
Star Tribute profilesSezzle and its plans to go public in Australia later this year.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.
PaySimpleannounces real-time data integration with QuickBooks Online.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.
Sandia Area Credit Union hiresInsuritas to launch member-owned, digitally-powered insurance agency.
Oregon Community CU selects Alkami Technology’s digital banking platform to provide its more than 150,000 members with a modern digital banking offering.
Bankjoyselected to compete in Google Demo Day in March.
TSYSimplements new payment solution, Advanced AuthControl, with Walmart and Sam’s Club locations around the U.S.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.
SignifydPartners with Corra to Provide Guaranteed Fraud Protection for E-Commerce Merchants.
Around the web
Estonian financial group LHV to leverage technology from FICO to fight money laundering.
Klarnaannounces double-digit sales growth thanks to more retailers using the company’s solutions.
CNBC quotesMaxMyInterest head of business development and partnerships Michael Halloran on cash strategies for investors during times of market volatility.
Dynamicsunveils enhanced functionality for its connected Wallet Card. See its latest demo at FinovateEurope next week.
TSYSExtends Existing Agreement with Capital One UK.
Mastercardto use Facebook Messenger to help small businesses in Africa and Asia drive mobile and electronic payments acceptance.
Worldlineteams with Total to launch TOTAL eWallet.
FutureTech Podcast hostsCapitalise CEO Shahar Rabin on using natural language to automate trading strategies.
NopSecAwarded Most Innovative Cybersecurity Company 2018.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.
Global payments provider TSYSannounced this week that J.P. Morgan will leverage the fintech’s Virtual Payment Precept (VPP) to broaden its virtual card solution.
TSYS’ VPP is a commercial card solution that enables issuers to generate secure, virtual, single-use account information in real-time, offering a more flexible and faster card issuance program that gives more control over account and transaction parameters. J.P. Morgan will use VPP to issue cards on both Visa and Mastercard networks.
“Virtual cards are a vital component of our clients’ payments strategy and business operations and this will continue to power our clients’ and suppliers’ growth,” said Naney Pandit, Head of Commercial Card Product at J.P. Morgan.
VPP technology allows businesses to set limits on what each account can be used for. And virtual cards replace static account numbers on physical cards that are vulnerable of being compromised. These two factors help reduce risk and improve operational efficiency.
TSYS demoed its Spend Controls feature at FinovateEurope 2013 in London. Last December, the company extended its agreement with Capital One to continue providing processing services for the bank’s North American clients. That same month, TSYS closed its acquisition of payment technology company Cayan for $1.05 billion.
TSYS was founded in 1983 and has 11,500 employees across offices in 13 countries. In 2016, the company processed 25.5 billion transactions, generating $4.2 billion in revenue. TSYS is a publicly traded company (NYSE: TSS).
Finovate Alums Larsen, Garlinghouse, Armstrong Among Crypto’s Richest.
NCROverhauls Self Service Network for Oman’s Bank Dhofar; Expands ATM Access in India.
Around the web
Revolutpartners with Visa to issue prepaid cards to new customers.
Call Centre Helper interviews Mike Iacobucci, Interactions CEO.
SMArtX (formerly HedgeCoVest) expands Direct Indexing Platform.
doxosurpasses 3 million users and 45,000 payable billers.
Army Aviation Center FCU ($1.2 billion in assets) launches member owned full service insurance agency courtesy of Insuritas.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.
Finance Monthly namesACI WorldwideFraud Innovation Firm of the Year for its UP Payments Risk Management solution.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.
Payments service provider TSYS has boosted its portfolio this week. The Georgia-based company has agreed to acquire Cayan, a payment technology company, for $1.05 billion. TSYS expects the deal to modestly benefit its net revenue growth and adjusted earnings per share.
Cayan’s flagship platform, Genius, provides a scalable, unified commerce experience across channels. The company offers merchant acquiring services to 70,000+ companies and 100+ U.S.-based partners.
M. Troy Woods, Chairman, President and Chief Executive Officer of TSYS, said that this acquisition “strategically complements” the goals TSYS has “to become a leading payment solutions provider to small and medium size businesses.” Woods continued, “The addition of Cayan’s unified commerce solutions puts us in a strong competitive position to jointly offer a broader set of value-add products and services to our partners and merchants.”
The acquisition has been approved by the TSYS Board of Directors and is expected to close in the first quarter of next year.
TSYS was founded in 1983 and has 11,500 employees across offices in 13 countries. Last year, the company processed 25.5 billion transactions, generating $4.2 billion in revenue. TSYS demoed its Spend Controls feature at FinovateEurope 2013 in London. Last week, the company extended its agreement with Capital One to continue providing processing services for the bank’s North American clients. This October, TSYS company expanded its ProPay merchant services to Australia and, earlier in the summer, teamed up with behavioral analytics company Featurespace to bolster its fraud prevention capabilities. TSYS is a publicly traded company (NYSE: TSS).