Core processor Fiserv and the Jacksonville, Fla.-based Vystar Credit Union have successfully completed a pilot test of cardless ATM transactions, according to a Monday announcement from Fiserv and Vystar CU.
The program, called CardFree Cash, lets members get cash from ATMs without having their debit cards present. Instead, members use a secure access code and PIN to access cash. The credit union, which has $5.6 billion in assets and more than 500,000 members, can set withdrawal limits, the number of transactions allowed and how long the access code will work. The card-free cash withdrawals in the pilot were performed at acquiring partner Payment Alliance International's participating ATMs and completed over the Accel debit payments network, according to the announcement.
"Member convenience is a key component of our overall payments strategy," Melissa Thomas, vice president of electronic payments and card services for Vystar CU, said. "With CardFree Cash, our members can securely access funds from an ATM immediately without their debit card regardless of the reason they don't have it with them."
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Cardless ATM technology is still in its infancy, but the Fiserv-Vystar CU pilot marks growing momentum in the path to extinction for plastic ATM cards.
Early last year, for example, Diebold Federal Credit Union piloted an ATM at which members scan a QR code to authenticate themselves via cloud-hosted services. Members could also pre-stage cash withdrawals on their smartphones. Diebold FCU, which is headquartered in North Canton, Ohio, has $18 million in assets and 3,300 members.
"We studied the digital and social habits of today's younger generation," Diebold Chief Innovation Officer Frank Natoli Jr. said at the time. "The research led us to choose mobile devices for both the user interface and the authentication vehicle to ensure seamless connectivity between devices. Adding mobile wallet capabilities further capitalizes on the mobile mentality of millennials. Together, the technologies provide a glimpse of the future of self-service banking for today's connected consumers."
In 2013, core processor FIS piloted a Cardless Cash Access program that also requires users to scan QR codes on the ATM screen. That program uses security within the user app authentication process and registration rather than temporary authorization codes.
Earlier this year, BMO Harris Bank launched Mobile Cash, which also allows cashless ATM transactions at almost 1,000 of its ATMs.
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