TSYS inks contract with New Jersey bank; launches fraud product

Global credit-card and payments processor TSYS said Monday it has renewed a long-term contract with Valley National Bank, a Wayne, N.J.-based regional bank with more than $22 billion in assets.

Columbus-based TSYS will handle processing for Valley National’s consumer and debit cards. It also will provide other services such as data analytics, fraud prevention and customer service. Financial terms of the deal were not released.

“TSYS has been a trusted provider for Valley for two decades,” Thomas Sparkes, first senior vice president at Valley National Bank, said in a statement. “They have provided a tremendous level of support and product expertise over the years, affording our customer base the best service we could ask for.”

In terms of size, Valley National Bank’s $22 billion in assets compare to that of $31 billion overseen by Columbus-based regional bank Synovus Financial Corp., parent company of Columbus Bank and Trust.

Monday’s news by TSYS follows that last week in which the company unveiled a new fraud prevention product called TSYS Foresight ScoreSM with Featurespace. It’s based on a form of “artificial intelligence” that allows software to use “behavioral analytics” over time without specific programming to find fraudulent financial activity.

TSYS cited a Nilson Report saying there was just under $22 billion in fraud losses suffered by financial institutions and businesses in 2015, with that number projected to reach $31 billion by 2020.

This story was originally published June 19, 2017 at 1:00 PM with the headline "TSYS inks contract with New Jersey bank; launches fraud product."