Online PIN-debit technology provider Acculynk and major e-commerce merchants have formed the International Internet PIN Acceptance Consortium which is set to enable cross-border online payments by establishing Acculynk’s PaySecure as the standard for processing internet PIN-debit transactions internationally.

Acculynk has set up the Consortium to collaborate with networks and financial institutions in target markets to prioritize the integration of PaySecure, as well as to develop solutions necessary to ensure full compatibility across the range of processes adopted by individual markets.

Most of the consumers outside the US own PIN-only debit cards which currently cannot be used for cross border internet purchases due to difference in transaction authentication and processing. Moreover, many countries do not have the infrastructure to support the underwriting of consumers for credit cards. An international standard based on PaySecure’s Internet PIN debit will enable millions of consumers worldwide to transact with internet retailers both in-country and across borders.

As far as membership is concerned, Consortium is currently open to internet retailers and airlines that have partnered with Acculynk for PaySecure. Furthermore, the Consortium is considering to extend membership to all e-commerce merchants. The Consortium currently meets once a quarter as a formal body.

In recent news, Acculynk has entered into an agreement with Evertec, a processing business in Puerto Rico and Latin America, to provide Acculynk's PIN debit-enabling solution via Evertec's ATH Network.

Acculynk provides a suite of software-only services backed by an authentication and encryption framework that provides 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. PaySecure is currently enabled on over 3,000 merchant websites. Acculynk has teamed up with 9 EFT networks to process PaySecure transactions and with 6 payment processors.