Compass Plus, an international provider of retail banking and electronic payments software to processors and financial institutions has announced that Quipu, a third-party processor, has launched a PIN by SMS service.
With shipping envelopes containing PINs considered unreliable and expensive for the banks, Quipu sought to provide alternative PIN delivery methods for its customer banks. With a large proportion of consumers in possession of a mobile phone, SMS has become a convenient, reliable channel for delivery, and Quipu has tapped into this. The service supports both new PIN generation, as well as forgotten PIN generation, making it convenient for customers to start using and/or reusing their card.
Quipu has been running its processing centre on Compass Plus’ TranzWare applications since 2004 and delivers processing services as well as personalisation facilities to 30 financial institutions across 11 time zones.