Atlanta, GA, October 13, 2010 — BAI RDC Booth # 309 - In this uncertain regulatory climate, U.S. issuers are under pressure to not only retain current customers, but to expand their product portfolio with revenue-generating services that bring value to consumers.
Last year, technology provider Acculynk introduced the first software-only service for PIN debit payments on the Internet, PaySecure®, providing consumers the choice to authenticate their online transaction with their bank-issued PIN using PaySecure’s patented, graphical PIN-pad.
Since its introduction, PaySecure has grown to encompass partnerships with nine U.S. EFT networks that are making PaySecure available across their issuer base. In a time of increasing concern over the expenses associated with supporting debit cards, PaySecure’s value proposition of reduced fraud and charge-backs, simple enablement, and increased transaction volume from security-conscious consumers, and those that prefer PIN debit or have PIN-only debit cards, has led to the adoption of PaySecure by thousands of issuers.
“Debit card usage is on the rise, both at the POS and online. Issuers want to leverage this growth economically, and that’s where PaySecure comes in,” said Ulrike Guigui, Executive Vice President of Issuer Development, Acculynk. “PaySecure is a true, bank-sponsored alternative that is used with a consumer’s existing debit card that the bank or credit union has already issued, so there are no new cards, passwords or tokens that the issuer needs to provide. To offer the PaySecure option to cardholders, an issuer simply provides the bank identification numbers (BINs) of the debit cards they wish to enable for PaySecure.”
To date, ACCEL/Exchange, Alaska Option, Credit Union 24, Jeanie, MasterCard, Networks, NYCE, PULSE and SHAZAM have partnered with Acculynk to provide PaySecure to their issuers. Over 6,000 financial institutions across 5 EFT networks have been enabled for PaySecure, with that number expected to double in the next 6 months.
“We immediately saw the value to our issuing base with PaySecure,” said Michael Kelly, General Manager of ACCEL/Exchange. “It offers a higher level of security, it leads to better margins for issuers and it costs nothing for an issuer to participate. Issuers can give cardholders another choice of how they pay with their debit card while saving money on fraud, without any technology changes.”
Acculynk is building on its PaySecure Internet PIN debit product to provide more features and extensions. Plans are underway to enable a consumer opt-in overdraft capability on the PIN- pad, and to leverage the PaySecure PIN-pad for online banking authentication. Stop by Acculynk’s booth, #309, at the BAI Retail Delivery Conference to see a demonstration of PaySecure and learn more about this bank-sponsored payment method.
October 13, 2010: PaySecure Internet PIN Debit on Track with Financial Institutions
September 21, 2010: JetPay and Acculynk Partner for Internet PIN Debit
August 17, 2010: Acculynk and NetWorks Partner for Internet PIN Debit
July 28, 2010: MasterCard Teams with Acculynk
July 14, 2010: PULSE Introduces PIN Debit for E-commerce Transactions
May 12, 2010: Acculynk CEO Ashish Bahl Featured on PYMNTS.com
March 31, 2010: Sun Country Airlines Partners with Acculynk for PaySecure