FIS Cardless Cash app wins two new US banks
Popular Community Bank and Oriental Bank are to deploy FIS Cardless Cash, a mobile banking app to withdraw money from many ATMs in the US.
Financial services technology provider FIS and PayPal launched Cardless Cash in January 2015, as a mobile ATM solution that avoids the plastic debit card. This technology provides banks with a revenue opportunity from transactions at their ATMs and allows for enhanced digital marketing in their branded experience by leveraging the white-label technology.
FIS reports that over the past 12 months, the solution has 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 – are already users.
FIS Cardless Cash is enabled through integration with mobile banking, extending the solution’s reach to around 1,600 mobile clients. The feature is deployed to ATMs through a software installation, enabling deployment for financial institutions of any size without the any hardware investment. FIS is enabling the than 80,000 ATMs it operates and is expanding to more ATMs connected through its NYCE network.
Customers ‘order’ cash from their smartphones and proceed to the nearest ATM, cutting down transaction time at the ATM. Customers also receive an electronic receipt of the transaction on their phone. By leveraging FIS Mobile Banking with TouchID, customers securely access their funds and authorise 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, it never expires and can be reissued or replaced quickly.
Reported by Dan Barnes
