First Data Corporation, the global leader in payment technology and services solutions, today announced that thinkmoney, part of the Think Money Group, has deployed its PIN NOW SMS solution which provides a fast, secure and cost-effective digital alternative to the traditional paper PIN mailer.
A customer of First Data in the UK since 2010, thinkmoney has rolled out the PIN Now SMS solution across its rapidly growing 120,000 cardholder base.
First Data's PIN Now SMS solution, part of the organisation's digital banking service offering, enables delivery of a debit, credit or prepaid card PIN to the cardholder's registered mobile phone in real-time. The PIN is sent via a text message, following a customer request which is password-authenticated to provide an extra layer of security and protection against unauthorised access to the PIN.
The solution enables First Data clients, such as thinkmoney, to deliver PINs direct to their customers within minutes, in an environmentally friendly and efficient manner. On average PIN notification is delivered 40 seconds after cardholder authentication, a significant improvement from traditional mailed paper PIN delivery. With its secure technology, the solution is PCI compliant and adheres to VISA and MasterCard's electronic PIN distribution guidelines.
"thinkmoney has been built on the principle of helping our customers manage their finances in a fast, simple and thoughtful way. PIN Now SMS is a great example of these guiding principles in practice. We have already seen take up for the new service exceed our expectations. First Data continues to be a trusted partner in creating an efficient payment processing environment for us and our customers" said Steven Muirhead, head of card services at thinkmoney.
Keith Rowling, Managing Director, UK & Ireland at First Data, added: "We are delighted to have successfully rolled out PIN Now SMS with thinkmoney. As a business we are continually striving to make our processes and in turn those of our clients more efficient and this digital solution is a great demonstration to that end. As consumers are becoming increasingly digitally savvy and environmentally conscientious First Data is working closely with our clients to support and deliver multi-channel banking services in both innovative and cost-effective ways."