PULSE to Pilot Secure Internet PIN Debit Technology
23 Marzo 2009 - 2:00PM
Business Wire
PULSE, one of the nation�s leading ATM/debit networks, has
signed an agreement with Acculynk under which PULSE will test
Acculynk�s PaySecure� Internet PIN debit technology in a pilot
program. The pilot will involve selected PULSE merchant and
financial institution participants and is slated to begin in the
second quarter of 2009.
The goal of the pilot test is to assess consumer acceptance of
Internet-based PIN debit transactions. Acculynk�s technology
enables consumers to use their debit cards with a personal
identification number (PIN) to pay for online purchases.
�Internet-based PIN debit has tremendous potential value for
consumers, who enjoy the convenience of debit cards,� said Judith
McGuire, PULSE senior vice president, product management. �Of debit
users who have a preference, 56 percent prefer PIN authentication
over signature,� McGuire added, referring to the findings of the
Hitachi Consulting/BAI 2008 Consumer Payment Preferences Study. �We
also believe this new payment option could provide significant
value to both card issuers and merchants, driven in part by
reductions in fraud and cardholder disputes.�
�In addition to reducing fraud losses and chargebacks associated
with online purchases, Internet PIN debit is predicted to increase
online debit purchase transactions,� said Acculynk President Nandan
Sheth. �These incremental transactions will come from three
sources: consumers who have PIN-only debit cards, individuals who
are currently hesitant to use their signature-enabled debit cards
online without the PIN authentication, and consumers who are
inclined now, or in the future, to use alternative Internet payment
methods.�
How it Works
Acculynk�s PIN-pad technology integrates directly into the
merchant checkout process, providing a seamless experience for
online shoppers. The consumer will be aware of the PIN entry option
only if his or her card is enabled for PIN debit. The consumer will
have the choice of entering their PIN or completing the purchase as
a signature debit transaction.
Acculynk�s Internet PIN debit service utilizes many advanced
security features, including a graphical, scrambling PIN pad for
the secure entry of PIN data. The PIN pad numbers appear on the
purchaser�s computer monitor in random order, and the numbers
re-scramble each time the cardholder clicks on a digit of his or
her PIN using the mouse.
The PIN itself is not captured on the consumer�s PC nor is it
transmitted over the Internet. Instead, Acculynk captures and
encrypts data associated with the PIN entry process, then transmits
that encrypted data in a separate message from the message used for
the card number. This makes it extremely difficult for fraudsters
to capture any information that could be used to compromise a
consumer�s debit card or account. In addition, producing a
counterfeit card would be virtually impossible because the magnetic
stripe data is not captured during the online transaction.
�PULSE believes that Internet PIN debit could provide
significant benefits to cardholders, e-commerce merchants and
financial institutions,� said McGuire. �Our pilot program will help
us determine whether this product delivers a favorable cardholder
experience.�
About PULSE
PULSE is one of the nation�s leading ATM/debit networks,
currently serving more than 4,500 banks, credit unions and savings
institutions across the country. PULSE is owned by Discover
Financial Services (NYSE: DFS). The network links cardholders with
more than 289,000 ATMs, as well as POS terminals at retail
locations nationwide. The company is also a valued resource for
industry research related to electronic payments and is committed
to providing its participants with education on evolving products,
services and trends in the payments industry. For more information,
visit www.pulsenetwork.com.
About Acculynk
Acculynk is a leading technology provider with a suite of
software-only services that secure online transactions. Backed by a
powerful encryption and authentication framework protected by a
family of issued and pending patents, Acculynk�s services provide
greater security, reliability, convenience and return on investment
for consumers, merchants, networks, issuers and acquirers. Acculynk
is headquartered in Atlanta, Georgia, with a management team that
brings extensive experience in the financial, network, security and
payment processing industries. For more information, visit
www.acculynk.com.
Grafico Azioni Discover Financial Servi... (NYSE:DFS)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni Discover Financial Servi... (NYSE:DFS)
Storico
Da Lug 2023 a Lug 2024