Acculynk Awarded Significant NFC Patent for Out of Band Payment Authentication
With Explosive Growth of Near Field Communication (NFC) Transactions, Acculynk’s PaySecure Platform with new Patent,
Will Help Mitigate Fraud
Acculynk, a unique technology driven payment solutions provider, announced today that it was issued Patent number 8,978,975 on March 17, 2015. The patent protects the use of a merchant NFC device to prompt a consumer’s NFC device for the entry of a personal identifier, which is sent on for approval and the approval code is transmitted back to the merchant. This process of authentication, will help to reduce fraudulent activity for NFC transactions.
Specifically, the merchant, using an NFC payment device, emits an electromagnetic field. When the consumer’s NFC mobile phone is placed within close proximity to the NFC merchant reader, the consumer’s mobile phone senses the electromagnetic field and transmits a personal identifier (PI) to the merchant device, which can be a personal identification number (PIN). The consumer can then leverage the PaySecure technology to enter their PIN and validate the transaction.
“We are very excited about this patent,” says Nandan Sheth, President and COO of Acculynk. “With the expected explosive growth of NFC transactions, combined with the need to reduce fraud, this patent holds tremendous value to Acculynk, merchants and consumers that want to pay with their smartphones. We see immediate demand for this type of authentication solution with networks, issuers and mobile wallet providers.”
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 6,000 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. Additionally, Acculynk solutions include PayLeap, a gateway and acquiring and card processing services, and Payzur, the only debit-based real time and 100% white labeled P2P solution. Visit http://www.acculynk.com
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