After establishing a relationship with Ria Financial, Acculynk now serves more than fifty per cent of the U.S. online and mobile money transfer market through Acculynk’s PaySecure®, the online PIN pad that enables PIN debit for online transactions. This development underscores Acculynk’s continued advancement with internet PIN debit into e- and m-commerce beyond leaders in the travel and retail online sectors.
Ria is a leading global provider of money transfers, with more than half of those transfers originating in the United States. Total remittances from the U.S. exceed $123 billion annually and global remittances are expected to grow by more than 30% by 2016, providing significant growth potential for both Ria and Acculynk.
“In the online and mobile environment, the ability to offer customers PIN debit provides significant cost savings and an additional layer of security that lowers fraud,” said John Beisner, SVP of Client Services at Acculynk. “PaySecure provides two-factor user authentication without burdening the consumer with frustrating redirects and enrollment.”
With Acculynk’s PaySecure, consumers using their debit card online are asked to enter their PIN on a graphical PIN-pad at checkout using Ria’s online money transfer service, www.riamoneytransfer.com. Customers only need their existing bank-issued PIN to complete the transaction. The cardholder uses the mouse to click on a number and the PIN pad re-scrambles as each digit is selected.
When presented with the PaySecure online graphical PIN pad, consumers choose online PIN debit 62% of the time.
“As a leader in our industry, the ability to provide secure, low cost money transfers is incredibly important to us. A technology like PaySecure is appealing because it provides cost savings and creates an additional layer of security for online transactions,” said Juan Bianchi, President and CEO of Ria Financial. “At Ria we consider customer security as our #1 priority. PIN debit has a reputation as a popular and trusted payment method and we are excited about this partnership.”
Acculynk secures online transactions with a suite of software-only services backed by a patented authentication and encryption framework that provides greater security for issuers, EFT networks, merchants and payment processors. Acculynk’s PaySecure® utilizes a graphical PIN-pad for the secure entry of a consumer’s PIN online and is available to merchants through existing acquirer relationships, enabling speedy implementation. PaySecure is currently enabled on over 3,000 merchant websites. Acculynk has partnerships with 11 EFT networks to process PaySecure transactions and with six leading payment processors, and is certified with PULSE, First Data and Master Card, among other key industry leaders. Visit http://www.acculynk.com.
About Ria Money Transfer
Ria Money Transfer, dba Ria Financial Services, is a subsidiary of Euronet Worldwide, Inc. (EEFT). Ria is a global leader in money remittance services and is a recognized benchmark in both quality and service. Ria originates money remittance transactions through a network of sending agents and company-owned stores located throughout Europe, North America and Australia as well as online at www.RiaMoneyTransfer.com. Remittances can be completed in minutes through a worldwide payer network totaling 207,000 locations in 134 countries.
In 2012 Ria processed over 23 million transfer transactions with a total face value exceeding $8 billion. Ria’s services include money transfer, bill payment, check cashing, cellular phone top ups, prepaid debit card issuance and loading services as well as money orders. Ria products are available under the recognizable brands of Ria Money Transfer, Ria Envia, AFEX Money Express and Kim Phu Money Transfer. Ria is steadfast in its commitment to customers and remains ingrained within the communities in which they live. Ria’s corporate headquarters is located in Buena Park, California, USA. For more information, visit www.riamoneytransfer.com.
Sandra Chesnutt, 678-894-7013