Acculynk signs agreement with Evertec for PIN debit-enabling solution

Tuesday, September 13, 2011

Payment system provider Acculynk has struck an agreement with Puerto Rican business solution firm Evertec to provide a PIN debit-enabling solution through Evertec's ATH network, the former said in a statement.

Through this partnership, Evertec will enable e-commerce for cardholders who have PIN-only debit cards, said Jorge Hernández, senior VP of the ATH network. In addition to having more payment options, clients will be able to shop online at US stores, "which not only benefits consumers, but also strengthens our business by increasing the number of transactions."

According to the statement, the solution PaySecure allows online shoppers to enter their PIN on a virtual pad at the merchant checkout, and they need only their existing ATH debit card and a PIN number to complete the transaction. There are no hardware devices, passwords, enrollment requirements or redirection to another website for payment.

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Acculynk secures online transactions with a suite of software-only services backed by an authentication and encryption framework that provides security for issuers, EFT networks, merchants and payment processors.

For its part, Evertec offers transaction processing, payment processing, merchant acquiring and other related services in Puerto Rico and some countries in the Caribbean, Central and Latin America. The company expects to offer the PIN solution this year.