BROOKFIELD, Wis. — The ACCEL/Exchange Network, owned and operated by Fiserv Inc., has partnered with Acculynk, which provides software-only service for PIN-debit payments online.
According to a news release, the two companies are piloting a program for processing PIN-debit transactions initiated through the Acculynk service. Acculynk's Internet PIN Debit service, which is integrated directly into the online-merchant checkout, provides a frictionless payment experience.
Consumers enter their card numbers and associated information as they normally would at the merchant checkout, and the PIN is entered on Acculynk's patented graphical, scrambling PIN-pad. The PIN is then encrypted and processed securely, along with the card information, across the ACCEL/Exchange Network. Internet PIN Debit enables real-time payments to online merchants.
"This is an opportunity for issuers to differentiate their payment offerings and to realize a new source of income-generating transactions from consumers who prefer using their PIN debit card to authorize transactions," Kelly said. "Merchants and issuers both benefit when dollar volume is increased — we think this solution helps accomplish that end and we are excited to be partnering with Acculynk to bring this solution to market."
Fiserv and Acculynk have previously worked together to process Internet PIN-debit transactions as part of a proof-of-concept of the service in 2006 and 2007, when Acculynk was known as ATM Direct. That partnership made this pilot program a natural decision.
"ACCEL/Exchange was the first network to run a round-trip PIN debit transaction online using a graphical, software-only PIN pad," said Nandan Sheth, president of Acculynk. "Their early leadership paved the way for the successful introduction of our PIN debit service to a broader base. We are excited about the strength of this partnership."
