Acculynk Announces Issuer Participation in PIN Debit Pilot Program

“We’ve had very strong interest from our issuing community, including some of our council members, because this is a value-add service that provides greater security for a consumer’s online transaction,” said Michael Kelly, general manager of the ACCEL/Exchange Network, from Fiserv. “We are very excited that some of the first transactions for this payment type will be driven through ACCEL/Exchange issuers.”

PaySecure utilizes a consumer’s debit card and the PIN for online payments, requires no redirection or enrollment, and offers consumers a simple and familiar checkout experience.

“With security a top priority for all consumers, we strongly feel that adding a second factor of authentication for online payments will increase the security of our customer’s data. Many of our cardholders prefer to use PIN debit at the point of sale. We are excited to give them this payment choice online with a service that adds an extra layer of fraud protection,” said Jeff Gegen, Vice President of Bank Operations at Baker Boyer Bank, an ACCEL/Exchange issuer. “This is a historic pilot program where the promise of PIN debit on the Internet is finally being realized, and we are thrilled to be one of the initial issuers participating.”

As one of North America’s premier ATM/POS networks, ACCEL/Exchange from Fiserv provides financial institutions with the infrastructure for cardholders to access their funds anytime, anywhere. The network is currently enabled at more than 200,000 ATMS in North America and most major merchant locations throughout the United States.

Acculynk is the first company in the U.S. to bring PIN debit to the Internet with a software-only service that has been certified by several major EFT networks. PaySecure provides an extra layer of security for online card transactions and reduces fraud and charge-backs by as much as 75% for issuers, while offering attractive margins and no-cost adoption.

“Our value proposition to issuers is very strong, and we’ve managed to secure an impressive line-up of institutions for this pilot,” said Ashish Bahl, CEO of Acculynk. “But what’s most exciting is the enormous merchant demand for this product. Such demand will benefit all of our issuers with increased volume and brand awareness.”

Acculynk brings the strength of PIN-based authentication to a domestic online market that has recently been impacted by increased fraud associated with data breaches.