SHAZAM® Enables PaySecure Internet PIN Debit across Eligible Issuer Base

March 29, 2011 09:45 AM Eastern Daylight Time 

PaySecure reduces fraud and charge-backs, bringing banks and credit unions significant value

ATLANTA--(BUSINESS WIRE)--Acculynk and SHAZAM announced today that PaySecure^®, Acculynk’s software-only payment method for Internet PIN debit, has been enabled for all of SHAZAM’s eligible banks and credit unions. Acculynk, a leading technology provider in the online payments space and SHAZAM, a premier innovator of electronic funds transfer (EFT) services for 35 years, partnered in the summer of 2009 to pilot PaySecure.

“We were one of the first EFT networks to announce a partnership with Acculynk for PaySecure back in July 2009, just five months after the product was introduced,” said Terry Dooley, SHAZAM Senior Vice President of Information Technology & Chief Information Officer (CIO). “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.

”Based on pilot results, which included steady consumer adoption and positive issuer feedback, SHAZAM began enabling more debit/ATM cards for PaySecure in Q4 of 2010, and this month will add nearly all eligible debit/ATM cards in their issuing portfolio.

PaySecure is implemented into the online merchant checkout and utilizes a patented, graphical PIN-pad for PIN entry. Consumers use their existing debit card and financial institution-issued PIN to pay with PaySecure right on the merchant website. There are no passwords, enrollment or redirection required, making it a simple payment service for consumers to use for their everyday Internet shopping.

“One out of every two consumers presented the option to enter their PIN with PaySecure do so rather than running their transaction as a signature debit, which is the alternative,” said Ulrike Guigui, EVP of Acculynk. “These overwhelming adoption statistics are testament to the ease of use and security of the solution, and great news for issuers seeking a payment method that brings consistent usage and increased transactions from security-conscious consumers, and a method to gain higher debit card margins in the post-Durbin era.”

“PaySecure helps us differentiate our services from other networks, and right now, issuers are shopping around for new ways to transact online,” said Terry Dooley. 

“Once issuers are certified, SHAZAM can enable PaySecure on their behalf and manage the bank identification number (BIN) enrollment on behalf of the financial institution on the debit cards they want to participate. There are no technology changes or new back-end connections.”

Acculynk is expanding PaySecure into new channels and applications in 2011. The company announced introduction of its mobile solution in January and is bringing PaySecure to person to person (P2P) authentication this year, in addition to several other product applications which Acculynk has not yet disclosed.

About Acculynk

Acculynk offers a suite of software-only services that secure online transactions. PaySecure^®, Acculynk’s flagship payment product, capitalizes on the security and convenience of PIN debit to lower online fraud and associated costs for Ecommerce merchants, bank issuers and EFT networks, while providing new sources of incremental sales. PaySecure is available through the Internet, mobile and kiosk channels and Acculynk has distribution partnerships with 9 EFT networks and major merchant acquirers. Over 3,000 U.S. Ecommerce merchants have been enabled for PaySecure, and Acculynk is extending the benefits of PaySecure to international markets and additional product applications in 2011. For more information, visit http://www.acculynk.com.

About SHAZAM

The SHAZAM network was founded in 1976 and is one of the last remaining member-owned and controlled EFT networks and processors in the industry. SHAZAM provides nationwide EFT services, switching, and ATM and POS acceptance to nearly 1,500 community financial institutions and their cardholders. SHAZAM offers ATM processing, Visa® debit and Debit MasterCard® national debit products, card authorization services, merchant processing, automated clearing house (ACH) services, core banking services, and information security solutions. SHAZAM is endorsed by 17 community financial institution trade organizations and bankers' banks. For more information, visit http://www.shazam.net/.

Contacts

Acculynk
Danielle Duclos, 678-894-7013
press@acculynk.com
or
SHAZAM
Connie Taylor, 800-537-5427 ext. 4160
ctaylor@shazam.net

SHAZAM Makes Strategic Investment in Adaptive Payments

Des Moines, Iowa―SHAZAM, Inc. announced today that it has made a strategic investment in the payment authentication company Adaptive Payments, Inc. SHAZAM, an electronic funds transfer (EFT) network in the payments industry since 1976, chose to invest in the Fort Lauderdale, Fla.-based company after partnering with Adaptive Payments for Internet PIN debit processing and gateway services.

“We made an investment in Adaptive Payments because we believe in the company and the technology they are implementing,” said Michael Hollinger, SHAZAM President and CEO. “We concur with Adaptive Payments’ vision for the future of e-commerce and m-commerce transactions and are confident in their ability to deliver these products to the marketplace.”

“We are thrilled to strengthen our relationship with SHAZAM, not just as a customer but as a strategic partner,” said Shashi Kapur, Adaptive Payments CEO. “This investment underscores the level of confidence that SHAZAM has in our products, our management team, and our vision for the delivery of highly secure and authenticated payment solutions across all payment card acceptance channels.”

In September 2010, SHAZAM and Adaptive Payments partnered to provide Internet PIN debit processing and gateway services for financial institutions across the nation. SHAZAM and Adaptive Payments are also working together on a Person-to-Person (P2P) solution, assisting financial institutions’ customers in transferring funds directly from one person to another, most commonly using mobile technology, in real time.

“Adaptive Payments has demonstrated their ability to work with us to tailor products to meet the needs of our financial institution partners,” stated Hollinger. “Together we are expanding access for financial institution customers to multiple payment options through multiple channels, without sacrificing security or functionality.”

“Adaptive Payments will benefit not just from SHAZAM’s financial investment, but also from
their knowledge, experience, and reputation as a leading PIN debit network,” said Kapur. “This will significantly enhance our ability to execute our core strategy to enable secure payment applications that are universally accepted by consumers, merchants, and PIN debit networks.

Kapur added, “Consumers expect that the channels and ‘device screens’ through which they interact, such as a lap top, desk top, mobile phone, or tablet, will provide the connectivity needed to enable easy, fast, safe, and secure commerce to occur irrespective of channels and devices.Adaptive Payments operates at the intersection of these channels to enable secure commerce to occur using its 5DSecure TM authentication platform.”

About Adaptive Payments

Based in Ft. Lauderdale, Fla., Adaptive Payments is a payment authentication company that enables easy, safe, secure, and authenticated transactions to occur using the cardholder’s PIN or other data that is known to the cardholder to authenticate debit and credit transactions. The company has developed payment solutions that serve four vertical markets: Internet Sales, Money Transfer, Bill Payment, and Prepaid Top Up. These products are delivered across the ecommerce, mobile commerce, mail/phone order, call center, and brick and mortar channels. All Adaptive Payments’ solutions feature “5DSecure”- five-factor authentication using two unique channels for authentication separating the sales and personal data from the secure PIN.

About SHAZAM

The SHAZAM network was founded in 1976 and is one of the last remaining member-owned
and -controlled EFT networks and processors in the industry. SHAZAM offers ATM processing, debit and ATM card processing, card authorization services, merchant processing, Automated Clearing House (ACH) services, core processing, and information security solutions. SHAZAM serves 1,500 community financial institutions in 31 states.

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