IRVING, Texas - Pay by Touch announced June 5 that Fiserv Inc.'s Accel/Exchange EFT Network is the first EFT network to use its Internet-based PIN and debit transactions.
According to a news release, the transactions are processed across EFT networks directly to a consumer's financial institution. The real-time payment provides retailers with lower transaction costs than credit or signature-debit transactions.
Accel/Exchange has more than 80 million cards, 500,000 merchant locations, 100,000 ATM locations, and 3,500 member FIs in North America.
"New product introductions are vital to increasing our overall transaction volume," Fiserv's Mike Williams said. "We are pleased to participate in the introduction of an exciting value-add payment service like Internet pin debit because of the potential it has to offer."
