Monday, June 5, 2006

PBT & Fiserv Launch Web First: PIN Debit

ACCEL/Exchange To Launch Online PIN Debit Payments BROOKFIELD, Wis.

announced Monday it has signed with Pay By Touch to have its ACCEL/Exchange EFT Network be the first electronic funds network to allow PIN-based debit transactions over the Internet.

Pay by Touch's ATM Direct solution allows PIN-based debit transactions to be processed over the Internet across EFT networks directly to a consumer's credit union or bank, allowing real-time payments to retailers at lower transaction costs than those associated with credit card or signature debit transactions over the Internet.

The Fiserv deal is the first in the planned market wide roll-out by Pay By Touch, the market leader in biometric payment systems. ACCEL/Exchange provides EFT services to more than 3,500 credit unions and banks.

For the first time ever, secure PIN debit transactions can be conducted on the Internet, saving merchants approximately 50% on their transaction processing fees. This can potentially result in annual savings of millions of dollars for larger internet retailers...

The link to the Press Release (you need Adobe Acrobat Reader) follows:
Pay By Touch announces ACCEL/Exchange EFT Network to introduce PIN debit payments via the Internet