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SafeDebit Update |
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Electronic
Payment Exchange, a full-service electronic payment processor, will soon
offer SafeDebit, the first PIN-based debit option for Internet payments
that doesn’t require new hardware for consumers.
As you remember from issue 00:05:01, SafeDebit, developed by NYCE, is a
PIN-secured debit card that fits into the CD-ROM drive of a PC. SafeDebit
is modeled on the existing ATM/debit card design. Participating financial
institutions issue their customers a SafeDebit CD-ROM “card” and PIN.
When making an Internet purchase, SafeDebit cardholders select the
SafeDebit symbol as the payment option, insert the “card” into the
CD-ROM drive on their PC, and enter an e-PIN for authorization. The
SafeDebit transaction is routed through the designated online EFT network,
including NYCE and STAR.
“SafeDebit is an excellent product and a very natural fit for our
business. We are always looking for innovative ways to consolidate
payments,” said Ray Moyer, chief executive officer of EPX, whose
customers include AirTouch Communications, DuPont, and the U.S. Department
of Justice.
Melville, NY-based North Fork Bank will also be offering its customers the
SafeDebit option. “We view SafeDebit as a secure means to provide our
customers with an Internet payment option while at the same time affording
us a viable revenue opportunity,” said Donna Harrison, Vice President
for Electronic Banking, North Fork Bank. North Fork Bank operates 154
branch locations throughout the New York Metropolitan area and has $16
billion in assets.
Star Systems, Inc., has also joined NYCE in offering SafeDebit to 3,400
STAR member financial institutions, representing 80 million ATM/debit
cardholders.
STAR President and CEO Ronald V. Congemi said, “Before SafeDebit,
consumers could not make real-time, secure purchases on the Internet with
their ATM/debit card. SafeDebit will change that, extending those benefits
to Internet transactions and expanding consumer and merchant choices in an
important way.”
The SafeDebit service is being offered in addition to other secure,
real-time Internet purchasing initiatives, including digital signatures,
currently under pilot through STAR. The STAR Network processes more than 2
billion transactions a year, via nearly 520,000 participating ATMs and
merchant locations. Headquartered in Woodcliff Lake, NJ, NYCE is one of the largest electronic payments companies in the U.S. The NYCE Network provides financial institutions and retailers with shared network services for ATMs, online debit, POS, and EBT transactions. For more information about SafeDebit visit www.safedebit.com.
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