myPINpad, a UK-based technology provider of multi-factor authentication solutions, has partnered with VocaLink to bring PIN based authentication solution to digital commerce applications.
VocaLink, the chosen provider of three principal UK payment transaction services (BACS, Faster Payments Service and the LINK ATM Service), has signed a five-year agreement following the recently concluded proof of concept trials with myPINpad.
The companies in their joint statement said that 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.
Through this new agreement, the companies intend to offer new online and mobile payments, enhance consumer protection and improve the security of payment services.
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: "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."