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PULSE, one among the largest and leading electronic fund transfer organization in the country, brings forth an online version of its PIN debit/ATM processing platform for its customers and clients everywhere.
The PULSE Internet Identification debit service had been refined and improved after its ten-month pilot had lowered fraud and merchant chargebacks in transactions where there were no cards for processing. The service also makes use of the PaySecure Net PIN debit software of Acculynk Inc.
Over 1, 000 online merchants are already enabled with the PaySecure service, according to PULSE company officials. And that the company is able to link cardholders to over 289, 000 point-of-sale terminals and ATMs across the country.
PULSE Spokesperson Anne Rhodes explains that when a consumer makes a purchase online with a card that has the PUSE Net PIN debit, the PIN pad shows on the monitor and that the customer needs to enter his or her four-digit PIN by using the mouse rather than the keyboard. According to Rhodes, the reason behind the use of the mouse is because cyber thieves could determine the PIN code accurately from the keystrokes made on the keyboard.
Financial institutions have to decide if they would integrate the PULSE Net PIN Debit services in their payment and acceptance operations, and their deadline for doing so is October 25. Rhodes stated that the financial institutions would be automatically included after the due date.
Rhodes also added that some credit unions, savings issuers, and banks would never be able to be part of service for the reason that a PIN offset data that verifies the code is found in the magnet stripe of their issued cards and not in a computer unit as stated by the hosted solution. Rhodes said that she does not know how much of the financial institutions of customers would not offer online PIN-debit purchases because of this reason.
PULSE had announced that it will pilot the PaySecure software back in march 2009, in which the pilot program’s goal was to assess how consumers would accept online PIN debit transactions. Rhodes stated that the results were positive and impressive, with the way the pilot had been able to remove frauds, reduced chargebacks by 77%, and made successful purchases with 54% of the cardholders who had participated with the pilot project.
PULSE senior vice chairperson of commodity management, Judith McGuire, stated that the success of the pilot program confirms that the PIN debit service is acceptable for debit cardholders to when shopping and purchasing merchandise online. McGuire also added that the PULSE Net PIN service could give cardholders a more secure payment option on their purchases made online.
The Houston-based PULSE electronic funds transfer organization was the second to sign a deal with Acculynk, with the Jeanie Network having made a bid to offer PaySecure to other financial institutions last June.
