Acculynk Inc. on June 16 announced that Fifth Third Processing Solutions LLC’s Jeanie electronic funds transfer network later this year will support the company’s Internet PIN-debit payment service.
Acculynk enables consumers to use PIN-debit cards to make purchases online by integrating its PaySecure software into a merchant’s online-checkout system. Cardholders use their computer’s mouse to enter their four or six-digit PINs into an Acculynk virtual PIN pad that appears on the computer’s monitor.
Jeanie is the seventh EFT network to support PaySecure, joining Accel/Exchange, Alaska Option, Credit Union 24, NYCE, Pulse and Shazam.
“Banks are continually looking for ways to make their [demand deposit] accounts and [debit] cards more valuable,” Tony Emrick, Fifth Third Processing senior vice president of business development, tells PaymentsSource. “You can add value with something like rewards or by making the cards available to use in more places.”
Jeanie services 800 financial institutions and has 20 million cards in its network. PaySecure will be among a suite of online-payment options those financial institutions can provide to their customers.
“Banks recognize their customers are using alternatives [such as PayPal Inc.],” Emrick says. “[PaySecure] helps get the bank get involved in those transactions.”
Acculynk will have between 60 million and 90 million cards active for PaySecure by the end of the year, according to company CEO Ashish Bahl. “I feel very good on where we are from an EFT perspective,” he tells PaymentsSource.
Some 1,000 merchants, including airlines such as AirTran Airways and Spirit Airlines, accept PaySecure.
Acculynk is exploring partnerships with networks overseas and anticipates expansion there some time next year, Bahl says.
