The average U.S. adult carries the equivalent of a super computer along with him or her every day. The smart phone, with its exponential power, highly attuned sensors and lightning-fast connectivity, has become a conduit for accomplishing nearly every task on our to-do lists, including those of the financial variety. Of course, these essential devices have become engrained in our culture not only because they are amazing task-slayers; they also deliver a number of enjoyable experiences consumers can’t imagine life without.
To help credit unions seamlessly deliver their brand’s experiences in the same way, this week CO-OP is launching Cardless Cash Access, available as an add-on feature for our ATM terminal driving services. Cardless Cash Access allows members to withdraw cash faster and more securely at the ATM by using their phones, rather than a plastic card, to initiate and complete a transaction.
How Cardless Cash Access Works
Credit unions add the Cardless Cash Access feature to their own mobile banking app. The accountholder is then able to log-in to the app and stage the cash withdrawal from a nearby ATM. Once at the ATM, the accountholder selects the cardless access option displayed on the screen, leading the ATM to display a dynamic token or QR code. The accountholder then scans the QR code with the mobile app. When authentication is complete, the cash is dispensed.
Cardless Cash Access can be used on Diebold Nixdorf and NCR ATMs within the CO-OP ATM network, and is managed by CO-OP Terminal Driving services.
Making ATM Transactions More Secure
When it comes to payments innovation, especially in the self-service realm, security controls must be a priority. Consumers are demanding it and are becoming increasingly vocal on social media when their financial institutions “allow” skimming devices to compromise their accounts.
Based on the latest ATMIA Global Fraud and Security Survey, published in January 2018, ATM skimming and PIN compromise was one of the most common ATM fraud attacks in 2017. Cardless access solves this problem as the solution uses QR code technology – no card and PIN required.
The growth of cardless transactions is expected to reduce fraud because it makes card skimming impossible. By removing the card from the transaction all together, the technology eliminates the risk of mag-stripe data compromises at the terminal.
Delighting the Mobile, Tech Savvy Member
By offering cardless ATM access, credit unions can stay ahead of their members’ expectations, offering a seamless and more secure ATM experience.
“As with most iterative technology, the ATM channel continues to evolve alongside user expectations,” said Todd Clark, President/CEO, for CO-OP. “One of the most significant ways the ATM improves is through integration with other technology, whether that’s back-office data and reporting tools or consumer-facing UX software. Seamlessly connecting the ATM to the smart devices consumers rarely leave home without is a continuation of this progress. It’s something we know credit union members, especially those who are highly mobile and technology savvy, are going to love.”
Learn more about how to add Cardless Cash Access and other CO-OP enhancements to your ATM fleet.
And join us for our upcoming webinar “Beyond Cash: The Latest Developments Shaping the Future of ATMs“