FIS and PAI eye cardless cash expansion in US
Anthony Jabbour, FIS
FIS and Payment Alliance International (PAI) have teamed up to offer cardless cash services across the US.
The partnership connects mobile solution FIS Cardless Cash to PAI – the nation’s “largest”, privately-held provider of ATM processing and maintenance services. FIS says the deal will “ultimately” expand to 70,000 ATMs in the PAI ATM network.
Anthony Jabbour, chief operating officer, banking & payments, FIS, says: “For banks, it’s a new revenue source and this widespread network should facilitate customer adoption.”
FIS says FIS Cardless Cash “protects consumers by reducing risk of card skimming and shoulder surfing, both of which are on the rise at ATMs, according to industry data”.
By using FIS Mobile Banking with TouchID, customers can access their funds and authorise the amount they want without inserting a plastic card into an ATM.
FIS says the mobile banking app acts as a remote control for the ATM; and customers can complete their withdrawals in ten seconds and get an electronic receipt on their smartphone.
FIS also says this agreement makes the New York Currency Exchange (NYCE) the first national payment network to support mobile phone-to-ATM transactions.
FIS Cardless Cash was launched in January 2015, and 34 banks are active on it.
