myPINpad and VocaLink digitising PIN for UK payments
myPINpad, a UK based technology company which enables multi-channel and multi-factor authentication via the Cardholder PIN, announces a new partnership with VocaLink, the international payments provider, to bring their PIN based authentication solution to digital commerce applications.
VocaLink, a driving force in UK payment processing innovation and the chosen provider of three principal UK payment transaction services (BACS, Faster Payments Service and the LINK ATM Service) has recently completed successful proof of concept trials with myPINpad, leading to the execution of a five-year agreement.
Collaborative discussions have already been initiated with a number of the UK’s leading banks, acquirers and issuers, merchants and PSPs, focused on a number of authentication use cases helping to reduce fraud and offering new levels of security and ease of use.
This new partnership aims to provide innovative online and mobile payments, enhance consumer protection and improve the security of payment services. This is relevant to the revised Directive on Payment Services (PSD2) adopted earlier this month by the European Parliament.
myPINpad Executive Chairman and CEO, Philip King said:
“VocaLink’s trust in the myPINpad solution is another milestone in our now established journey of becoming the most trusted authentication service for the secure entry of consumer credentials in mobile payments. Our partnership with VocaLink enables any UK mobile payments service to take advantage of this PIN digitisation service to open up new channels of business and, importantly, to satisfy objectives set by regulators.”
Sara Parker, Product Director, LINK ATM Services at VocaLink said:
“Over many years we have worked with organisations to transform their financial supply chains, unlocking cash and giving banks the opportunity to develop compelling new business lines. The combination of myPINpad’s familiar authentication solution with VocaLink’s connectivity not only enables us to offer a broader range of transaction services, without significant change effort for banks, but will also help us to further empower the consumer.”