Tuesday, March 21, 2017
With an eye for strengthening its suite of ecommerce solutions, First Data Corp. disclosed on March 16, 2017, that it intends to acquire Acculynk Inc. Integrating Acculynk's multifactor security and dynamic routing options into First Data's global payment platform will enable merchants to securely direct debit card transactions to least-cost debit networks, the companies stated.
Frank Bisignano, Chairman and Chief Executive Officer at First Data, said that Acculynk's innovative technologies will enhance First Data's ecommerce offerings and capabilities for its global customer base, enabling merchants to make in-store and online transactions "simple, seamless and secure for their customers."
Ashish Bahl, Chairman and CEO of Acculynk, anticipates the strategic partnership will help business owners around the world streamline ecommerce and lower transaction costs. "First Data's unrivaled global scale and distribution will greatly expand the footprint of PaySecure, providing benefit to merchants looking to simplify debit card ecommerce transactions for consumers around the world," he said.
Both companies expressed a commitment to help clients worldwide implement advanced technologies to grow their businesses.
Atlanta-based Acculynk, a former Elavon Inc. subsidiary established in 1999 as ATM Direct, provides ecommerce and mobile commerce solutions to large and small business owners through its international payment gateway. The technology provider works with merchants, financial institutions, payment networks, payment card issuers and governments worldwide. Its suite of software solutions includes PIN debit for ecommerce and m-commerce, person-to-person (P2P), direct-to-debit, online bill pay, and electronic bill presentment transactions.
Analysts noted that the companies' complementary technologies and strategic focus will benefit both enterprises: both Acculynk and First Data serve financial institutions and the public and private sectors; their innovations have reshaped mobile payments, ecommerce, verification and authentication, online banking, check guarantee and POS services worldwide.
Enterprise-scale, as well as small to midsize merchants can use Acculynk's True Debit gateway and EFT networks combined with PaySecure authentication technology to mitigate online and mobile web fraud rates, expedite settlement and enhance the overall shopping experience, Acculynk representatives stated.
Acculynk launched PaySecure in 2009, an Internet PIN debit solution based on its patented encryption and authentication technologies. Two years later, the company introduced PaySecure Mobile, which added PIN debit capability to iOS, Android and Windows mobile platforms.
Acculynk mentioned additional features and benefits of its patented technologies, as follows:
First Data and Acculynk representatives said development teams will collaborate on a range of product offerings and routing solutions, leveraging their combined expertise in network engineering and software development.
The deal is expected to close, pending further review. Upon approval, First Data's purchase of Acculynk will bring the company a wealth of intellectual assets, including government bill pay solution PayGov, white-label P2P solution Payzur, and an extensive patent portfolio and suite of product offerings, representatives stated.
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