The advisory council brings together Acculynk’s partner EFT networks, including Accel/Exchange, Alaska Option, Credit Union 24, Pulse and Shazam. The purpose of the Council is to establish the processes, procedures, rules and best practices around PaySecure for Internet PIN debit.
Earlier, Acculynk introduced PaySecure, a software-only service for PIN debit payments on the internet, in a pilot program that included Accel/Exchange and a number of small merchants.
Pulse partnered with Acculynk for Internet PIN debit, which was followed by additional partnerships from four EFT networks and Accel/Exchange’s commercial roll-out of PaySecure across their eligible base of issuers. Moreover, Acculynk expects to announce two additional EFT networks in the next 30-60 days.
Currently, the membership in the council is open to EFT networks that have partnered with Acculynk for PaySecure, but the company is considering to extend the membership to e-commerce merchants, acquirers and senior executives in payment processing.
Ashish Bahl, CEO of Acculynk, said: “Our EFT networks are a major partner in the success of PaySecure, and it was important for us to develop a council where the networks could share their experience with PaySecure, provide feedback, and receive the tools they need to not only process PaySecure transactions, but roll-out this product to their base of issuers.
“Acculynk is the only company with an Internet PIN debit product that is endorsed by six EFT networks to date, which makes us and our partners a first mover in this space.”
Michael Kelly, general manager of Accel/Exchange, said: “Having this type of council is important for the EFT network industry as a whole because PaySecure is rapidly becoming an established product that merchants are implementing, consumers are using and issuers are adopting. We need to ensure, as a collective body, that we establish mutually beneficial processes that facilitate this growth in Internet PIN debit.”
Terry Dooley, senior vice president and CIO of Shazam, said: “As Shazam gets ready to roll out Internet PIN debit to our issuers, this type of council becomes invaluable in terms of learning from the experience of others that have already introduced the product to their base of banks and credit unions.”