FIS and PayPal have buddied for FIS Cardless Cash, a capability that allows consumers with a mobile banking app to withdraw money from virtually any ATM.
Launched in January 2015, Cardless Cash was the first mobile ATM solution on the market that avoids the plastic debit card. This technology provides banks with a new revenue opportunity from transactions at their ATMs and allows for enhanced digital marketing in their branded experience by leveraging the white-label technology.
In the past 12 months, the solution has securely processed millions of dollars in withdrawals and hundreds of thousands of transactions across the United States. Multiple banks – including BMO Harris, Wintrust, WSFS, Salem Five and Avidia Bank – have received industry accolades for their first-to-market deployments. Many more banks across the country are deploying Cardless Cash in 2016, including Popular Community Bank and Oriental Bank.
FIS Cardless Cash is enabled through integration with mobile banking, extending the solution’s reach to more than 1,600 mobile clients. The feature is deployed to ATMs through a simple software installation, enabling rapid deployment for financial institutions of any size without the overhead of costly hardware investments. FIS is enabling the more than 80,000 ATMs it operates and expanding to more ATMs connected through its NYCETM network.
FIS and PayPal’s Paydiant team built a mobile customer experience that has achieved extraordinary adoption and uptake by consumers to date. The cardless cash solution was also specifically designed to be embedded in any bank’s mobile banking application.
This natural extension of mobile banking capabilities provides a seamless experience for users, and keeps a bank’s brand experience front and center. Customers “order” cash from their smartphones and proceed to the nearest ATM, cutting down transaction time at the ATM to as low as 10 seconds. Customers also receive an electronic receipt of the transaction on their phone, eliminating the hassle of paper receipts.
Theft of debit card data is top of mind for consumers and ATM skimming has been on the rise. By leveraging FIS Mobile Banking with TouchID, customers securely access their funds and authorize the amount they want. The banking app acts as the remote control for the ATM from the privacy of the customer’s own smartphone. Account information is always current, and it is more secure than a plastic card, as it never expires and can be reissued or replaced instantly.
For a complete archive of more than 60,000 articles published since 1995 search the CardFlash.com library.