Although not all of us may think of ATM use as something that needs to be sped up, banking technology company FIS has developed a system that is claimed to streamline the cash-getting process. Known as Cardless Cash Access, it allows people to get money from ATMs within seconds, using nothing but their smartphone.
To use Cardless Cash Access, a client's identity is first verified using an app on their phone – this can be done anywhere, up to 24 hours before they plan on getting the money. They then select the account, the amount that they wish to withdraw, and the ATM location at which they wish to pick the cash up.
When they get to that location, the money will be there waiting for them. To get the machine to dispense it, they just use the ATM to scan a one-time-use QR code that has been sent to their phone's screen. An electronic receipt is subsequently sent to their phone, eliminating the need for a paper version.
According to FIS, the system should decrease incidences of card skimming and fraud, plus it also ought to shorten wait times at bank machines. People worried about getting robbed while using ATMs will probably also appreciate spending as little time at them as possible.
Users' account information is stored in a secure cloud-based server, so even if they lose their phone, no one else will be able to access that information without their password.
The system has been already been utilized in pilot projects in three US cities, and FIS recently announced that three more such projects are planned to take place using City National Bank ATMs in Los Angeles, New York City and San Francisco.
A demo of the Cardless Cash Access technology can be seen in the video below.
Source: FIS via CNN
See the stories that matter in your inbox every morning