Fiserv, the global provider of financial services technology solutions, has announced that its ACCEL/Exchange Network will begin processing and offering secure internet personal identification number (PIN) debit transactions in November 2009. The new solution is the result of a partnership with Acculynk, a provider of the software-only service in the US that enables PIN debit payments online.
According to the Fiserv, ACCEL/Exchange, its payments network that provides funds and payments access to its 2,500-plus members and their cardholders has recently completed a joint pilot program with Acculynk and its PaySecure product. The pilot which began in March 2009 was initiated to validate successful and accurate processing of secure internet PIN debit transaction activity.
Consumers, who have been using debit card and PIN for transactions, can now have a simple way to use their debit card and PIN online without having to be redirected to another site.
Michael Kelly, general manager of ACCEL/Exchange at Fiserv, said: “Our focus is on providing payment solutions to our members that keep them in the transaction payment chain, unlike other alternative payment channels. Secure internet PIN debit accomplishes that and more while delivering another safe, reliable, and convenient payment solution from CCEL/Exchange.
“The competitive advantages of this service for our members include the potential for reduced fraud, ease of implementation, and immediate consumer adoption. We’ve already seen a 30% growth in debit transaction volume this year, and we’re confident that internet PIN debit has the potential to have a positive effect on our members’ transaction growth and associated profitability.”
Ashish Bahl, CEO of Acculynk, said: “With PaySecure, consumers get an extra layer of security for their transaction in just a few seconds, using a PIN they already know.”
Jeff Gegen, pilot participant and vice president of bank operations at Baker Boyer Bank, and chairman of ACCEL/Exchange network advisory council, said: “Unlike other payment methods, PaySecure doesn’t require registration or the redirection to another website that can lengthen the amount of time and increase the complexity of making online payments. No change in consumer behavior or training is required to use the service, and that translates into a very positive cardholder experience.”
