NYCE's SafeDebit moves real-time payments in a secure fashion

NYCE Payments Network signed a contract with Verient. This agreement is aiming to pilot a NYCE's SafeDebit solution that will help online shoppers to make purchases without sharing sensitive information such as PIN or account details at the merchant sites. The piloting of new service is planned in early 2009.

The unicity of new online payment solution provided by NYCE LCC is presented by several benefits. Firstly, it offers consumers more secure way to access their deposit accounts for Internet purchases. Secondly, it keeps sensitive information in the hands of the consumer's bank or credit union. And it highly rates the security prestige of payment system. Thirdly, in order to facilitate more sales opportunities the SafeDebit solution uses familiar e-banking interface and the established electronic payments infrastructure to deliver online, real-time transactions to merchants.

The experts confirm that new online payment option is also easily to use. While purchasing online the consumers will be able to choose "NYCE SafeDebit" on the merchant's Web site during the checkout process. After that they will be redirected to their financial institutions online banking site, where they can easily log on. Then a one-time use virtual debit card information will be provided without additional requirements from the consumer.

So it is promised that debit card number is never disclosed to the merchant, and a PIN is not required for these transactions. 

As Steve Rathgaber, NYCE president and chief operating officer noted NYCE's SafeDebit solution simplifies the e-commerce market for both merchants and financial institutions and provide more revenue opportunities for them. There is no secret that many consumers prefer avoiding shopping online because of security concerns. However, with SafeDebit option consumers don't have to share their sensitive information while purchasing online. It moves real-time payments in a secure fashion.