Emerging Markets Payments, a payments processing company serving Africa and the Middle East, has launched its latest payment solution, Cash by Code.

Cash by Code allows people to send money from their bank account to family, friends, partners and suppliers via the ATM network — even if the recipient does not have a bank account, a press release said.

The Cash by Code sender initiates a transaction using any supported banking channel (e.g., mobile, online, or ATM). Once the transaction is set up, the system will send one code to the sender, and a different code to the recipient's phone. The sender then forwards his or her code to the recipient.

To obtain funds at a participating ATM, the recipient enters both codes on the keypad, along with his or her mobile number. The ATM then dispenses the cash, completing the transaction.

As a security precaution, codes are valid only for a set period of time. If not retrieved before this period elapses, funds are reimbursed to the sender's account and the codes are voided.

"EMP is focused on bringing financial technology to the unbanked and the underbanked people of Africa and the Middle East," said EMP Africa CEO Murat Ozulku. "This latest offering is not only easy to use; it is secure and operates in real time."