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SHAZAM PIN debit PaySecure ready
ATLANTA (3/31/11)--PaySecure, Acculynk’s software-only payment method for Internet personal identification number (PIN) debit, is ready for all of banks and credit unions that use SHAZAM for electronic funds transfer (EFT). Acculynk, an online payments provider, and SHAZAM, ATM debit network, partnered in the summer of 2009 to pilot PaySecure. Based on pilot results, SHAZAM began adding more debit/ATM cards for PaySecure at the end of 2010, and this month will add nearly all of its remaining eligible debit/ATM cards. “We certainly understood the utility PaySecure would bring to our financial institutions when we first partnered with Acculynk, but with the potential regulation on debit card interchange, PaySecure becomes even more relevant to our issuer base because of its fraud and charge-back reduction capabilities, which are inherently lower when using a PIN,” said Terry Dooley, SHAZAM senior vice president of information technology and chief information officer. PaySecure is implemented into the online merchant checkout and employs a graphical PIN-pad. Consumers use their existing debit card and financial institution-issued PIN to pay through PaySecure from the merchant website. No passwords, enrollment or redirection is required. When offered the option, one of every two consumers chose to make payment by entering their PIN with PaySecure rather than running their transaction as a signature debit, according to Acculynk. Acculynk launched its mobile solution in January and is introducing PaySecure person-to-person (P2P) authentication later this year, the company said.


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