Privier develops world's first no bank account ATM
Charlotte, N.C., Nov. 4, 2008 -- Privier's patented ATMSend® will allow unbanked users to transfer cash using envelope-free ATMs 'no-envelope deposit ATMs' without needing a card or bank account to a recipient who is then able to withdraw the funds without needing a card or bank account.
Well over 90% of Western Unions® transactions are made on a cash-to-cash basis. To competing banks, this data requires them to increase it's workforce to include human agents and or partner up with other competitor banks to compete against the vast network of Western Union® and MoneyGram® human agents worldwide. Privier seeks to level the playing field by introducing its patented 'no-card', 'no-bank account', 'no agent', cash-to-cash ATMSend® remittance solution to U.S banks and abroad.
"We equip envelope-free ATM screens with two icons, which read 'Send Cash' and 'Pickup Cash' and non-envelope-free ATMs with an icon, which reads 'Pickup Cash'. All the sender and recipient needs to do is press the appropriate icon, which will automatically activate the ATM for a Privier ATMSend® transaction," said Charles Polanco, CEO of Privier Inc. The sender, can transfer a maximum payment set forth by the bank, to a recipient (Example $800.00 USD Max. monthly cash transfer limit).
The sender will need to enter their cellphone number. A system-generated 10-digit withdrawal number will then be automatically sent to the cellphone number provided.
Following this, the sender will have to contact the recipient with the 10-digit withdrawal number as well as the amount sent. The recipient can then easily withdraw the money by using the withdrawal number and the specified amount at an ATM, within the banks ATM network.
Polanco pointed out that the withdrawal amount must be requested in full, as Privier ATMSend® does not allow partial withdrawals.
To use Privier's ATMSend® to 'send cash' a user must register their mobile phone and personal information such as (Example user's name, address, date of birth and social security number) which is verified against the OFAC list. As an additional safeguard measure, Privier uses idology's ExpectID IQ for knowledge-based authentication.
Senders will be notified to pickup "Unclaimed Funds" after a period of 30 days at any of your ATM locations, he said.
Source: Company press release.