First Data Corp. executive Mark Herrington has joined the board of Internet PIN debit payments provider Acculynk.
Herrington, the executive vice president of global product management and innovation at First Data, will bring the experience and technology knowledge he has gained through the growth of First Data, Acculynk Chairman of the Board and CEO Ashish Bahl said in an Oct. 16 press release.
Adding Herrington to the Acculynk board illustrates the Atlanta-based processor’s strong strategic partnership with First Data, Bahl said.
“First Data is a leading reseller of Acculynk’s Internet PIN debit through its merchant acquiring, while First Data’s STAR network has initiated pilot programs with issuers for Internet PIN debit transactions through Acculynk’s online PIN pad,” he added.
With Acculynk being in the early stages of growth and technology development, its board position was a perfect fit at this time for a First Data executive, Herrington said in an interview.
“It was a nice opportunity for me, with my background and having been involved with new companies in the past, to be able to help Acculynk,” Herrington says. “They have a very good solution in the marketplace.”
The fact that First Data and Acculynk are both located in the Atlanta region also made it easier to accept the board position, Herrington says.
In addition, as a member of the Acculynk board, Herrington says he will spend even more time in the marketplace meeting with merchants and issuers.
“Strategically, I have had the privilege of having a very broad view of the payments industry, and I believe that will be helpful,” Herrington said.
Herrington joined First Data in 2007 as First Data was in the process of acquiring Money Network, which he co-founded in 2001.
Herrington’s financial services experience includes prepaid, TeleCheck, e-commerce, mobile payments and merchant loyalty. He is a member of the board of directors for Emerge Memphis, which provides financial and management support for early stage companies.
Acculynk’s PaySecure software uses a graphical PIN-pad for the secure entry of a consumer’s PIN online. The company in September acquired e-commerce gateway provider PayLeap to create Acculynk Direct and target smaller web-based merchants as prospects for accepting PIN payments.