Fiserv's EFT network to support Pay By Touch's Internet PIN debit transactions
05 June 2006 | 1130 views | 0
Source: Pay By Touch
Pay By Touch, provider of the first software-only Internet PIN debit payment service via its ATM Direct division, announced today that the ACCEL/Exchange EFT Network will be the first EFT network to enable the company's Internet PIN debit transactions.
ACCEL/Exchange EFT Network is owned and operated by Fiserv, Inc. (NASDAQ:FISV) through its Fiserv EFT business unit.
ACCEL/Exchange is one of the fastest-growing EFT networks in the industry with more than 80 million cards, 500,000 merchant locations, 100,000 ATM locations, and 3,500 member financial institutions in the United States and Canada.
"The ACCEL/Exchange Network is the first network to enable our Internet PIN debit service and is part of the initial market introduction to help generate awareness of our service," said Robert Ziegler, senior vice president and general manager of ATM Direct, a Pay By Touch company. "They will participate in the initial market promotion to raise awareness of our new service over the next several months. They are a great partner in this process and we look forward to working with them."
"New product introductions are vital to increasing our overall transaction volume," said Mike Williams, senior vice president of Fiserv EFT. "We are pleased to participate in the introduction of an exciting value-add payment service like Internet PIN debit because of the potential it has to offer. We believe our combination of leading products and outstanding customer service is a catalyst for our continued growth and, more importantly, helps our members continue to grow their EFT business."
Like PIN debit payments in a brick-and-mortar store, Internet PIN debit transactions are processed across the EFT networks directly to the consumer's Financial Institution, allowing real-time, guaranteed payments to Internet retailers at much lower transaction costs than those associated with credit card or signature debit card transactions over the Internet.
"Consumers want more secure Internet financial transactions," said Ziegler, "and by working with industry leaders such as ACCEL/Exchange, we have developed the most secure Internet card payment method available."
ATM Direct is the only solution in the world that provides Internet PIN debit services with a software-only solution. The software itself is free, and as a software-only solution, allows rapid, no cost distribution of its service to all participants.