A prototype ATM showcased at last week's Consumer Electronics Show in Las Vegas suggested the next generation of cash-dispensing machines could soon look nothing like what most credit union members are used to.
The screenless ATM, which has no PIN pad and no card reader, is the product of a partnership between ATM giant Diebold and iris authentication company Eyelock.
"Consumers are identified through near field communication as they walk up to the concept, and are delivered instant access to cash through contactless, mobile banking methods such as quick response codes, NFC and iris scan biometric technology," Diebold said in a release.
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According to the companies, rather than swipe a card and enter a PIN, consumers sign into their banking apps on their phones or tablets and determine how much cash they want to take out. Consumers then go to the machine, which verifies their identities with QR, NFC or iris scans, and the ATM dispenses the cash.
"Since this method authenticates the transaction by connecting to the consumer's smartphone, security is increased and card fraud is mitigated," they added.
Diebold said cash withdrawals can be completed in fewer than 10 seconds, which it said is less than half the time of today's ATM transactions. The ATMs also don't have printers, according to Diebold.
"EyeLock believes that the age of carrying plastic cards and remembering passwords is just about over and the era of unfettered personal access through biometric technology is just beginning," EyeLock Chief Marketing Officer and Business Development Officer Anthony Antolino said. "For banking and other applications, EyeLock's iris identity authentication solutions are not only highly secure, but very easy to use."
Citibank is testing the ATM, which is named "Irving," in its innovation lab, according to EyeLock.
It is not the only financial institution experimenting with new ATM technology. For example, in September, core processor Fiserv and the Jacksonville, Fla.-based Vystar Credit Union announced they successfully completed a pilot test of cardless ATM transactions. Those transactions were performed at acquiring partner Payment Alliance International's participating ATMs and completed over the Accel debit payments network, according to Fiserv and Vystar. Vystar CU has $5.6 billion in assets and 502,000 members.
In November, Diebold announced plans to acquire rival Wincor Nixdorf.
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