Press Release Summary:
IntelliPIN verifies PINs and allows tellers immediate access to member information for smoother transactions and faster member service. It can also capture information from magnetic stripe on driver's license or other ID card. System supports both standard DES encryption algorithms as well as triple DEA, which encrypts input data 3 times using double key method.
Original Press Release:
MagTek PINPads Automate Member Verification at World's Largest Credit Union
Carson, California-February 1, 2002-- MagTek's IntelliPIN technology recently enabled Navy Federal, the world's largest credit union, to update their member verification process. Now credit union members can securely and conveniently swipe their ATM cards (CUCARD) or check cards (VISA Sharecheck Card) and enter PINs directly at the teller window. The new verification process saves time and provides additional security when identifying members at the teller window.
MagTek's IntelliPIN verifies PINs and allows tellers immediate access to member information for smoother transactions and faster member service. IntelliPIN can also capture information from the magnetic stripe on a driver's license or other ID card to make any personal identification process more reliable and efficient, although Navy Federal does not use this feature as part of its member identification process.
IntelliPIN supports both standard DES encryption algorithms as well as newer triple DEA, which encrypts input data three times using a double key method. Encryption experts estimate that it would take 197 billion years to decrypt data encrypted with this multiple algorithm.
In the U.S. and overseas many financial institutions take advantage of IntelliPIN's portable and non-portable configurations to provide user-friendly solutions both at the new accounts desk for member PIN selection and at the teller window for cardholder verification.
"MagTek has made this an extremely smooth implementation process," reports Carol Shapiro, VP of Projects at Navy Federal Credit Union. "More than 550 MagTek IntelliPINs are now installed in nearly all of our 93 Member Service Centers in the United States and overseas. We are very pleased with their performance, and our members and tellers appreciate the speed and convenience MagTek provides when doing transactions at the teller window," Shapiro says.