Consortium Lobbies for PIN Debit Standard
Dec. 5, 2011
Acculynk, an Atlanta-based online authentication company, said recently it has formed the International Internet PIN Acceptance Consortium for the purpose of enabling secure Internet payments across international borders. The company hopes the consortium can establish Acculynk’s PaySecure as the standard for processing Internet PIN-debit transactions internationally by collaborating with networks and financial institutions to develop solutions necessary to ensure full compatibility across multiple markets. “Consumers are driving the need for cross-border e-commerce. We believe that, together with this group of leading merchants, we can help establish standards that will allow us all to better meet consumers’ needs and help solve a real business problem for merchants,” said Ashish Bahl, CEO of Acculynk. “We are involved in launching this consortium because we enable PIN debit for e-commerce and can help merchants make cross-border e-commerce a reality with minimum investment.” Acculynk said the majority of consumers outside the U.S. hold PIN-only debit cards which currently cannot be used for cross-border Internet purchases and an international standard will enable millions of consumers worldwide to transact with e-commerce retailers.