TSYS (NYSE: TSS) announced plans today to release TSYS Authorization Controls SM — a new product that enables credit and debit cardholders to turn their account “on” or “off” from any user interface. This innovative product can be integrated with existing mobile and other online customer service tools, and will help financial institutions empower their consumers to manage their own account preferences, reduce fraud and build customer loyalty.
According to the recent TSYS 2013 Consumer Payment Choice Study, more than half of consumers stated they would be “Interested” in using their phone to temporarily allow or block transactions on their card. With this product, consumers will be able to:
- Control the use of a card account from any device or location
- Temporarily disable the account to prevent unauthorized use
- Set future authorizations for an account to “on” or “off”
- Set an account to authorize only the next transaction (allowing for a single use)
- Enable recurring payments despite account status (avoiding interruption of recurring transactions)
- Receive alerts for every transaction attempted while an account is in an “off” status
“TSYS Authorization Controls is part of our broader strategy to empower consumers by putting them in control of their accounts and allowing them to set their own account preferences on demand from almost anywhere through any device,” said Paul Bridgewater, group executive of Global Product, TSYS. “This solution demonstrates TSYS’ commitment to people-centered payments, and we are now available to engage with clients on this product and its future phases. We are also planning additional enhancements like geo-location, time window, transaction type and other consumer controls.”
About TSYSAt TSYS, (NYSE: TSS), we believe payments should revolve around people — not the other way around. We call this belief "People-Centered Payments SM." By putting people at the center of every decision we make, TSYS supports financial institutions, businesses and governments in more than 80 countries. Through NetSpend, a TSYS Company, we empower consumers with the convenience, security, and freedom to be self-banked. TSYS offers issuer services and merchant payment acceptance for credit, debit, prepaid, healthcare and business solutions. TSYS’ headquarters are located in Columbus, Georgia, with local offices spread across the Americas, EMEA and Asia-Pacific. TSYS provides services to more than half of the top 20 international banks, is a member of the Civic 50 and has been named one of the 2013 World's Most Ethical Companies by Ethisphere magazine. TSYS routinely posts all important information on its website. For more, please visit us at www.tsys.com.