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A new software from NCR Corporation will allow consumers to initiate cash withdrawals from their banking accounts on mobile devices and then complete those transactions at an ATM by scanning a 2D barcode.
NCR Mobile Cash Withdrawal will make ATM transactions faster and more secure, by removing cards and PINs from the process at the ATM. The entire transaction, while the consumer is in front of the ATM, can take less than 10 seconds.
Consumers will authenticate through their existing mobile banking application and pre-stage the transaction via an embedded NCR Mobile Cash Withdrawal function. Consumers can use any iOS or Android smart phone at any location and at any time - whether at work, on the metro or while in line at the ATM - and then choose the amount of their transaction.
Once at their bank's ATM, the consumer will use the embedded functionality to scan the 2D barcode on any participating ATM's home screen, and the pre-staged cash transaction will be authorized and funds dispensed. (View a demo of the solution on YouTube.)
The solution requires no additional ATM hardware such as barcode scanners or near field communication (NFC) readers. It can be deployed with just a simple software upgrade, making it an affordable multichannel solution for financial institutions.
Mobile Cash Withdrawal is a very secure approach to traditional card-based ATM transactions. No consumer data is stored on the device or contained within the on-screen 2D barcode.
Rather, scanning the bar-code only identifies the location of the ATM and prompts fulfillment of the transaction. In turn, using a mobile device eliminates the threat of ATM skimming devices used by criminals.
Source: EconomicTimes
NCR Mobile Cash Withdrawal will make ATM transactions faster and more secure, by removing cards and PINs from the process at the ATM. The entire transaction, while the consumer is in front of the ATM, can take less than 10 seconds.
Consumers will authenticate through their existing mobile banking application and pre-stage the transaction via an embedded NCR Mobile Cash Withdrawal function. Consumers can use any iOS or Android smart phone at any location and at any time - whether at work, on the metro or while in line at the ATM - and then choose the amount of their transaction.
Once at their bank's ATM, the consumer will use the embedded functionality to scan the 2D barcode on any participating ATM's home screen, and the pre-staged cash transaction will be authorized and funds dispensed. (View a demo of the solution on YouTube.)
The solution requires no additional ATM hardware such as barcode scanners or near field communication (NFC) readers. It can be deployed with just a simple software upgrade, making it an affordable multichannel solution for financial institutions.
Mobile Cash Withdrawal is a very secure approach to traditional card-based ATM transactions. No consumer data is stored on the device or contained within the on-screen 2D barcode.
Rather, scanning the bar-code only identifies the location of the ATM and prompts fulfillment of the transaction. In turn, using a mobile device eliminates the threat of ATM skimming devices used by criminals.
Source: EconomicTimes
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