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A Thing SafeDebit Update

SafeDebit Update

     Electronic Payment Exchange, a full-service electronic payment processor, will soon offer SafeDebit, the first PIN-based debit option for Internet payments that doesn’t require new hardware for consumers.

     As you remember from issue 00:05:01, SafeDebit, developed by NYCE, is a PIN-secured debit card that fits into the CD-ROM drive of a PC. SafeDebit is modeled on the existing ATM/debit card design. Participating financial institutions issue their customers a SafeDebit CD-ROM “card” and PIN. When making an Internet purchase, SafeDebit cardholders select the SafeDebit symbol as the payment option, insert the “card” into the CD-ROM drive on their PC, and enter an e-PIN for authorization. The SafeDebit transaction is routed through the designated online EFT network, including NYCE and STAR.

     “SafeDebit is an excellent product and a very natural fit for our business. We are always looking for innovative ways to consolidate payments,” said Ray Moyer, chief executive officer of EPX, whose customers include AirTouch Communications, DuPont, and the U.S. Department of Justice.

     Melville, NY-based North Fork Bank will also be offering its customers the SafeDebit option. “We view SafeDebit as a secure means to provide our customers with an Internet payment option while at the same time affording us a viable revenue opportunity,” said Donna Harrison, Vice President for Electronic Banking, North Fork Bank. North Fork Bank operates 154 branch locations throughout the New York Metropolitan area and has $16 billion in assets.

     Star Systems, Inc., has also joined NYCE in offering SafeDebit to 3,400 STAR member financial institutions, representing 80 million ATM/debit cardholders.

     STAR President and CEO Ronald V. Congemi said, “Before SafeDebit, consumers could not make real-time, secure purchases on the Internet with their ATM/debit card. SafeDebit will change that, extending those benefits to Internet transactions and expanding consumer and merchant choices in an important way.”

     The SafeDebit service is being offered in addition to other secure, real-time Internet purchasing initiatives, including digital signatures, currently under pilot through STAR. The STAR Network processes more than 2 billion transactions a year, via nearly 520,000 participating ATMs and merchant locations.

     Headquartered in Woodcliff Lake, NJ, NYCE is one of the largest electronic payments companies in the U.S. The NYCE Network provides financial institutions and retailers with shared network services for ATMs, online debit, POS, and EBT transactions. For more information about SafeDebit visit

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