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CU 24 introduces PINless bill payment
TALLAHASSEE, Fla. (3/25/10)--Credit Union 24, a credit union-owned ATM and point-of-sale (POS) network, now supports PINless bill payment transactions for participating credit unions' members. The service provides credit unions the tools to deliver a payment system without implementing new or altering existing processing systems. PINless bill payment transactions allow members to pay bills using their ATM or debit card without having to enter their personal identification number (PIN). It works with one-time or recurring payments. Cardholders set up the transactions with their merchants via the Internet, telephone or an in-person representative. Credit Union 24's support routes the transactions to the credit unions' existing processor for approval. "Credit Union 24's support of PINless bill payment transactions is automatic," said President/CEO Jim Park. "Credit unions do not have to change anything about their current processing platforms or operating procedures; they can simply inform their members about this available technology," he added. PINless transactions are processed the same way as standard POS transactions, providing an additional revenue stream for credit unions. Park said credit unions can generate increased interchange income by encouraging members to use the PINless method while simultaneously reducing back office expenses of processing check and automated clearing house (ACH) returns. Credit Union 24 also offers marketing materials about the service.


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