We spoke to Gaylon Jowers Jr., Senior Executive Vice President and President, Issuer Solutions, TSYS, ahead of the P20 Conference in Atlanta to find out more about TSYS and its place in the payments space.
What does TSYS do?
TSYS is a leading global payments provider that offers secure and innovative solutions across the payments spectrum — for issuers, merchants and consumers. Our headquarters is located in Columbus, Ga., but we have more than 12,000 team members across 13 countries and serve clients in more than 80 countries worldwide. TSYS is a market leader across its three business segments. Issuer Solutions is the largest of TSYS’s businesses and represents about 45 percent of revenues.
Merchant Solutions is an area of focus for TSYS. Our recent acquisitions of Cayan and iMobile3 furthers our leadership as an integrated solutions provider for merchants, advancing our goal of being a software-led company. Netspend, our Consumer Solutions business, offers prepaid cards and is one of the top 20 debit providers in the U.S.
Why is this necessary in today’s payments space?
TSYS plays several critical roles in the payments industry both in the U.S. and internationally. In addition to processing transactions for some of the largest banks in the world, we also provide services to nearly 800,000 small and medium size merchants across the U.S., additionally we serve almost 5M consumers with consumer debit products tailored to their needs. We take this role very seriously, including from a cybersecurity standpoint. We are extremely vigilant and engage in a proactive strategy when it comes to cybersecurity controls and monitoring. We have a 24/7 Threat Management Center that monitors our environment, looking for any threats or alerts that need immediate action. We also continually test our own defenses for weaknesses, and utilize third party expertise throughout the year to ensure we have a strong security posture. We also continually look at industry best practices to ensure we are utilizing the latest technologies in the cybersecurity space.
How does TSYS differ from other payments providers?
Because TSYS has a strong issuing, merchant and consumer business, we have a unique, end-to-end view of the payments cycle. We leverage this position to deliver even more value to our customers. One area of focus for us is fraud prevention. We recently introduced a new fraud offering – TSYS Foresight Score – that leverages machine learning. This was done in partnership with Featurespace, leveraging their powerful behavioral analytics platform, ARIC. TSYS Foresight Score has proven very effective in detecting fraudulent transactions, with particular emphasis on high value and card not present (CNP) transactions. The results of this product are impressive – we are seeing a 35 plus percent lift in CNP fraud detection.
What challenges do you face in the industry?
The entire payments space is evolving rapidly and there is a tremendous amount of pressure to keep up. We are constantly working to anticipate shifts in the industry and stay ahead of the curve. To ensure that both TSYS and our clients are able to take advantage of and leverage relevant new innovations, we are actively opening our ecosystem. We recently introduced TSYS Developers, which provides open access to APIs for TSYS platforms and products. By opening our ecosystem, TSYS and our clients are able to easily and openly participate in the larger payment ecosystem and take advantage of and incorporate innovative new technologies and capabilities. The other challenge our industry faces revolves around compliance and regulation, as the payments industry is one of the most highly regulated industries. As regulation continues to change, we have to adapt our methodologies.
How have you overcome these challenges?
TSYS is currently in the middle of a technology transformation, which includes modernizing mainframes, systems, infrastructure and processes. This is a major initiative and represents a significant shift for the company. We are actively upskilling our employees and empowering them to drive innovation from within. We estimate that nearly 2,000 team members have taken advantage of technical reskilling opportunities so far. In addition, every project that we’ve started since the technology transformation began is in the marketplace today in some form—whether it’s a beta launch that clients are testing or a product that a client has purchased and is currently using. The overarching motivation behind our push to innovate even faster is our people centered approach to client relationships, which is critical in every piece of our business from onboarding through fraud management. We understand our customers and think about the customer experience in every single decision we make.
If you would like to find out more information about TSYS then take at look at their website.
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