Atlanta, GA, September 13, 2011 — Acculynk announced today that is has entered into an agreement with EVERTEC, Inc., a Puerto Rico-based diversified processing business in Puerto Rico and Latin America, to provide Acculynk’s PIN debit-enabling solution through EVERTEC’s ATH® Network, bringing millions of debit card consumers in Puerto Rico the ability to use their PIN-only debit cards for e-commerce.
EVERTEC’s goals are to begin to offer Acculynk’s Internet PIN debit solution, PaySecure®, to their participants this same year. The partnership with the ATH® Network represents a milestone in Acculynk’s strategy to develop Internet PIN debit.
“Through this partnership with Acculynk, we will enable e-commerce for the many cardholders who have PIN-only debit cards,” said Jorge Hernandez, Senior Vice President of the ATH® Network at EVERTEC. “In addition to providing more payment options to consumers, they will be able to shop online at US based stores, which not only benefits consumers, but also strengthens our business by increasing the number of transactions.”
With Acculynk’s PaySecure®, online shoppers enter their PIN on a virtual PIN-pad at the merchant checkout, and only need their existing ATH® debit card and a PIN number to complete the transaction. There are no hardware devices, passwords, enrollment requirements or redirection to another website for payment.
PaySecure® is designed to provide an extra layer of security for debit card transactions, helping reduce fraud and charge-backs for financial institutions, while offering attractive margins and opportunities for incremental volume.
“PaySecure® brings the convenience and security of the retail PIN debit experience to the Internet, providing ATH® debit cardholders a familiar payment option,” said Ashish Bahl, CEO of Acculynk. “We have a lot of pent up demand from major US retailers that want ATH® debit cards enabled on their e-commerce websites. Rolling out our solution with the ATH® Network is a first step to internationalize PaySecure® -- Internet PIN debit.”
The ATH® Network joins nine other US-based EFT networks that support PaySecure®. Over 3,000 online merchant websites are currently enabled with the PaySecure® payment option.
About EVERTEC, Inc.
EVERTEC, Inc. is a diversified processing business, offering transaction processing, payment processing, merchant acquiring and other related services in Puerto Rico and certain countries within the Caribbean, Central and Latin America. EVERTEC operates in three reportable business segments organized based on the nature of products and services: transaction processing, merchant acquiring and business solutions. EVERTEC owns and operates the ATH Network, the leading debit payment and ATM network in Puerto Rico. EVERTEC’s products and services include point-of-sale processing, network and switch services, automated teller machine driving services, core bank processing, business process outsourcing solutions, technology infrastructure management, financial services applications and merchant acquiring services. Headquartered in San Juan, Puerto Rico, EVERTEC has approximately 1,700 employees in 6 countries throughout the Caribbean, Central and Latin America. EVERTEC is 51 % owned by an affiliate of Apollo Management VII, L.P., a leading private equity and capital markets investor, and 49% owned by Popular, Inc., the largest financial institution in Puerto Rico and the Caribbean. For more information about EVERTEC, please visit www.evertecinc.com.