By partnering with the right cardless ATM withdrawal technology provider, enabling credit union members to send money can be quick, easy and seamless. Here's what to consider:

Footprint: Rather than starting from scratch, it makes sense to partner with a technology provider. The first consideration should be where cardless ATM withdrawals can be made. Is it only at the credit union ATM? Or will members be able to access and transfer money to ATMs all over the country? The footprint of enabled ATMs that can offer mobile cardless withdrawals is growing nationwide, which will offer members the ability send money to friends and family regardless of where they live.
Technology: Technology is now available that enables any ATM in the U.S. the opportunity to “turn on” cardless withdrawals without the need for complicated technology upgrades or onerous installations. It can be as simple as labeling an existing button on an ATM and doing a simple software download. It can be just as easy to add the option to a credit union's online banking platform.
Security: Dual-pin authentication offers the highest level of security from any enabled ATM and is available today. In contrast, QR code readers require a significant upgrade to ATM machines, and while biometric scanners are touted for their security, they are years away from widespread adoption, if it happens at all.
Time Gap: Many popular P2P transfer options such as PayPal and Venmo require days for money to be accessible (as well as a bank account), whereas mobile cardless ATM withdrawals offer real-time delivery of cash without the need for a recipient bank account. Once the recipient receives an almost instantaneous SMS to their mobile device alerting them that the cash is ready for pick up, along with the PIN, they can make the withdrawal at any enabled ATM (which they can locate via a mobile app).
Convenience: While P2P transfer to an ATM is easy, fast and convenient, many members may also want the option to withdraw money if they forgot or lost their card. In this case, members can initiate a transfer to themselves from their account or through their mobile wallet, and have immediate access to their money, card-free.

With consumers largely in the driver's seat in the adoption of new mobile banking technologies, it is more important than ever to offer innovative tools that make lives easier for current and potential members. With mobile cardless ATM withdrawal technology, credit unions can compete with large financial institutions when it comes to sending money easily, as well as connect members with otherwise financially underserved friends and family, thereby positioning the credit union as forward-thinking and tech-savvy to future generations.

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