News
ACCEL/Exchange network rolls out Internet PIN debit
November 1, 2009
Fiserv Inc. says its ACCEL/Exchange Network will begin processing and offering secure Internet PIN-debit transactions in November, making it the first payments network to offer Internet PIN-debit transactions. Fiserv will be on-hand at booth 417 to talk about the new offering during this week's BAI Retail Delivery Conference & Expo in Boston.
According to a news release from Fiserv, the new solution resulted from a partnership with Acculynk, which provides software-only service for PIN-debit payments online.
ACCEL/Exchange recently completed a joint pilot program with Acculynk and its PaySecure product. The pilot, which began in March 2009, was initiated to validate successful and accurate processing of secure Internet PIN-debit transactions.
"The pilot was an overwhelming success," said Michael Kelly, general manager of ACCEL/Exchange from Fiserv. "We received some very positive comments from the participants, representing member financial institutions, cardholders and several significant online merchants."
Consumers who have been using their debit card and PIN at the grocery store and to fill up their gas tank, will now be able to conduct the same type of transaction online, Fiserv says.
"The Fiserv solution made it easy for us to add secure online debit card transactions to our portfolio," said pilot participant Jeff Gegen, vice president of bank operations at Baker Boyer Bank and chairman of the ACCEL/Exchange Network Advisory Council. "The interface is easy to use and is similar to PIN entry at standard brick-and-mortar point of sale terminals. Unlike other payment methods, PaySecure doesn't require registration or the redirection to another website that can lengthen the amount of time and increase the complexity of making online payments. No change in consumer behavior or training is required to use the service, and that translates into a very positive cardholder experience."
Pilot results from Fiserv show that more than 50 percent of consumers will use Internet PIN debit when presented to them as a payment option for their online purchases.
According to a March 2009 research study conducted by Javelin Strategy and Research, 79 percent of consumers surveyed said they would feel more secure using their debit card online with a PIN, rather than using the debit card without a PIN.
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