The latest entrant to the sizzling P2P market is Acculynk, which announced the launch of its Payzur product this week after building out a new division led by a financial institution insider.
Leveraging its integration with EFT networks, Acculynk’s product is designed to transmit funds in real-time across the debit-network rails using the company’s proprietary online PIN-debit authentication process. Currently in pilot, Payzur is offered as a white-label solution to banks and credit unions.
“With Payzur P2P, banks and credit unions can offer their customers a personal commerce solution that is as simple and fast to the consumer as using PIN debit at the grocery store,” said John Kerley, SVP and General Manager of Acculynk’s Payzur division. “Because Payzur runs on the debit rails, recipients have access to the funds almost immediately making Payzur the most attractive personal commerce solution available. All you need is a smartphone or access to the internet plus your PIN and you can send money.”
It’s unclear if all of Acculynk’s EFT network partners are participating because this kind of payment requires a credit transfer transaction to be defined. Some of the networks have other P2P alliances, such as PULSE and Obopay or Accel Exchange and Popmoney. But as consumers begin to use their products more frequently (assuming they do), then the fact that Payzur can move funds in real-time is an advantage.
Click here to read more from Acculynk’s press release.