GERMANTOWN, Md.–SkyPoint FCU has introduced “SkyPoint Pay,” which it said will provide their members with “unprecedented security when transferring funds between banks or to individual payees.”
“While members still need only an email address or mobile phone number to find the payee, SkyPoint Pay adds another layer of security,” the credit union said in announcing the solution. “The payer devises a security question that is unique for each transaction, answers the question, and sends the answer to the payee, who simply supplies the answer when prompted to claim the funds. Such transfers occur in minutes using a debit card.”
According to the $207-million SkyPoint, verification through question and answer known only to payer and payee offers greater security than other funds transfer methods.
“SkyPoint Pay avoids the vulnerability of funds or personal data and the fraudulent issues that can occur when transferring money,” said Chief Experience Officer Jorge Saenz. “Rather than relying on security questions and answers that are on the internet, and therefore at risk of being discovered, the payer writes a new question on the spot and sends it only to the payee in the current transaction.”
No Need to Remember
SkyPoint added that payers don’t need to remember the answers to questions that were prepared months or even years ago because the question and its answer are new with each transaction.
The credit union added that SkyPoint Pay is easily accessed through its digital banking solutions.