Acculynk announced today that is has entered into an agreement with Fifth Third Processing Solutions' Jeanie Network; one of the oldest networks in the U.S.
The Jeanie Network will begin to offer Acculynk's Internet PIN debit solution, PaySecure, to Jeanie participants this year. The Jeanie Network is owned and operated by Fifth Third Processing Solutions, LLC.
"As members of the Jeanie network, financial institutions have come to expect innovative products and acceptance solutions that extend their offerings and promote customer loyalty," said Tony Emrick, Senior Vice President, Business Development at Fifth Third Processing Solutions. "PaySecure allows financial institutions' cardholders yet another choice of how their Jeanie debit cards are accepted."
With Acculynk's PaySecure, online shoppers enter their PIN on a graphical PIN-pad at the merchant checkout, and only need their existing Jeanie debit card and a PIN to complete the transaction. There are no hardware devices, passwords, enrollment, or redirection to another website for payment.
PaySecure is designed to provide an extra layer of security for debit card transactions, helping lead to reduced fraud and charge-backs for financial institutions, while offering attractive margins and opportunities for incremental volume.
"PaySecure brings the convenience and security of the retail PIN debit experience to the Internet, providing Jeanie debit cardholders a familiar payment option," said Ashish Bahl, CEO of Acculynk. "Greater consumer choice leads to greater customer loyalty. Financial institutions can leverage PaySecure to keep more business in their institution, while growing their online debit card transactions and helping to lower their fraud costs."
Jeanie joins six other U.S. EFT networks that have announced adoption of PaySecure. Over 1,000 online merchants are currently enabled with the PaySecure payment option.
"Jeanie is an established, nimble and innovative Network with a long history of providing value to its members," said Bahl. "We are pleased that the Network recognizes the unique benefits PaySecure e brings to financial institutions and have opted to offer our product to their issuers."