SHAZAM to Launch Dual-Message PIN Debit Capability
Aug. 25, 2011
SHAZAM, a Des Moines, Iowa-based EFT network, this week said it has created and will launch a dual-message product with separate authorization and settlement messages for PIN-based transactions. The company said this capability is an EFT-industry first that previously was only available for signature-based transactions. The impact of the new product will be felt most strongly by e-commerce merchants as it will enable them to accept PIN debit transactions more often while still supporting the requirements of the Durbin Amendment with less cost and effort. “Our financial institution participants understand the importance of increasing PIN debit transactions in a post-Durbin world,” said Michael Hollinger, president and CEO of SHAZAM. “SHAZAM will be enhancing PIN processing though support of EMV chip and PIN technology and the dual-message PIN system technology. This will give debit cardholders more options, more security, and overall, more reasons to choose their SHAZAM card over any in their wallet.” SHAZAM has been implementing increasingly sophisticated solutions over the past year having established additional partnerships with CardinalCommerce, Acculynk, and payment authentication company Adaptive Payments—in which SHAZAM made a strategic investment in January.