Real-time PIN capture and provisioning in multi-channel banking

Banks and other card issuers are increasingly turning to digital channels for communication with their customers. Not only are web and mobile banking convenient and (usually) easy to use, they are secure and cost-effective for banks to provide. But as well as account access and bill payments, an issuer's multi channel banking strategy can be leveraged for much more as part of the card management process – a prime example being PIN capture: pre- or post-card issuance, and distribution of a new or forgotten PIN whether cardholder-selected or randomly allocated.

ePIN Capture

While issuers may already support PIN selection and PIN change through IVR or branch terminals, innovations in security and the move to digital banking make this an ideal channel for PIN capture. PIN selection as part of the online card ordering process, where credit and know-your-customer checks can all be completed in parallel enable a card – with PIN chosen by the cardholder – to be ordered for instant issuance or central personalization.

ePIN Distribution

Card issuers have traditionally relied on postal PIN mailers to deliver PINs to their customers, but other than the mounting costs, not much has changed in thirty years. None of the stakeholders is happy with this out-dated process, so innovative card issuers are adopting ePIN distribution via web and mobile banking, and SMS, with obvious and quantifiable benefits:

  • eliminating the risk of postal interception, so preventing identity fraud
  • cutting out the cost of the PIN Mailer printing operation
  • improving customer service, particularly for cardholders away from home
  • increasing revenue by enabling faster card activation. 

Centralized PIN Management

PIN management systems operated by card issuers can often be little changed from the original introduction of PINs in the 1960s. The modern financial services industry demands a customer-centric view of products and services, with access and security credentials available across the enterprise rather than duplicated in each product or relationship silo. Centralization of PIN and credential management enables efficient and secure management across multiple client systems, ensuring that PIN handling and storage complies with the latest requirements of PCI, card payment schemes and international regulators.

The Aconite Technology PIN Management solution – Aconite PIN Manager – delivers these benefits and more.

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