The first secure Internet PIN debit transaction functionality available through a U.S. payments network will be launched this month by Fiserv's ACCEL/Exchange Network, the company said.
The service will allow consumers already accustomed to using their debit cards and PINs at grocery stores and gas pumps to do the same online without being redirected to another Web site, Fiserv said.
"The competitive advantages of this service for our members include the potential for reduced fraud, ease of implementation, and immediate consumer adoption," said Michael Kelly, general manager of ACCEL/Exchange, which provides funds and payments access to cardholders of more than 2,500 network members, including financial institutions and online retailers.
The service will be powered by the Acculynk PaySecure solution.
Ashish Bahl, CEO of Atlanta-based Acculynk said, "The value proposition for the majority of alternative payment methods and card verification services is security-few claim to be the most convenient payment method available. With PaySecure, consumers get an extra layer of security for their transaction in just a few seconds, using a PIN they already know."
