Product: Popmoney CardFree Cash
Company: Payment Alliance International
Louisville, Ky.-based Payment Alliance International, a full-service processor and ATM services provider, partnered with Fiserv Inc., a financial services company headquartered in Brookfield, Wisc., to develop CardFree Cash, a revised version of Fiserv's Popmoney mobile cash platform. Consumers can use the solution to obtain cash at participating ATMs without using credit or debit cards. The companies launched the product in September 2015 following a four-month test with Fiserv's Accel debit network and VyStar Credit Union in Jacksonville, Fla.
Popmoney is a money transmitter licensed and regulated by New York State and managed by CheckFreePay Corp., a wholly owned subsidiary of Fiserv. The Popmoney money transfer application is designed to enable consumers to send and receive funds in a timely manner on connected devices. Funds are deposited directly into recipients' bank accounts.
Registered Popmoney senders and recipients can now use ATMs for funds transfers. Credit union members who tested the product during the four-month pilot expressed an interest in continuing to use the service, the partnering companies said. Melissa Thomas, Vice President of Electronic Payments and Card Services at VyStar Credit Union added that CardFree Cash enabled members to securely and immediately access funds from ATMs "without their debit card regardless of the reason that they don't have it with them."
Each Popmoney transaction sends a one-time verification code to a requestor's mobile phone or email address to validate the user and prevent unauthorized use. The user subsequently presents the email or text message verification code to obtain funds. As an additional security measure, users who present Popmoney tokens at the ATM will be required to provide real-time authentication by using biometric-enabled iOS or Android devices, PAI noted.
Participating ATMs will be outfitted with beacons that can identify nearby registered Popmoney users and send out proximity notifications, alerting them to the ATM's location and availability. Donna L. Embry, Chief Payments Advisor at PAI, said the program, which was built using existing ATM real estate and online banking infrastructure, will transform ATMs from passive terminals to interactive devices that leverage geolocation and mobile payment technologies.
Consumers can use iPhone 6, Samsung Galaxy S6 and Apple Watch devices equipped with biometric technology to redeem CardFree Cash tokens at Genmega & Hyosung ATMs. PAI and Fiserv are working with other ATM manufacturers interested in participating in the program, including Triton Systems Inc., NCR Corp. and Diebold Inc. Embry said the program, once installed, will be easy to maintain. Software updates will be managed from a central host, requiring no further changes at the local device level, she added.
The partners also pointed out that CardFree Cash and Popmoney platforms facilitate emergency replacement of lost and stolen debit cards, giving consumers immediate access to funds while waiting for their new cards to be issued. Vincent Brennan, President of Card Services at Fiserv called the service "an immediate, easy and secure method of accessing funds" that helps financial institutions improve security.
In addition, PAI and Fiserv released application programming interfaces to select partners and encourage interested acquirers, value-added resellers and ATM deployers to contact them. More features and benefits, including loyalty and rewards redemption, couponing and advertising services will be implemented in the near future, the companies stated.
The partners, who plan to leverage online banking databases in conjunction with ATMs, said the program is designed to scale. "The program works, and we're taking enrollments," Embry said. "Even non-partner banks can be Popmoney receivers."
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