You've been redirected from MobilePaymentsToday.com to PaymentsDive.com. In March 2021, Mobile Payments Today became a part of Payments Dive. For the latest payments news, sign up for the daily newsletter.

Moldova Bank enables ATM-based money transfer with Cash By Code

For security purposes, the transaction provides a two-part code and a 24-hour time window for cash withdrawal by the recipient.

Published

Aug. 14, 2015

Moldindconbank and OpenWay have completed implementation of Way4 Cash By Code technology, according to a press release. The new service allows bank customers to use an ATM to transfer funds from their card accounts to another individual. The recipient does not need a card to receive the transferred cash at another ATM.

At the ATM, the sender specifies the transfer amount, the currency and the recipient's mobile telephone number. Way4 automatically generates a two-part code: the first part is printed on the sender's ATM receipt and the second part is delivered by SMS message to the transfer recipient.

The recipient can complete the transaction at any Moldindconbank ATM. This requires both the SMS code and the receipt code (shared by the cardholder), as well as the expected amount, and currency.

Once this data has been verified, WAY4 authorizes the cash withdrawal. If the remitted funds are not withdrawn within 24 hours, the money is automatically returned to the sender's card account.

More than 170 Moldindconbank ATMs across Moldova support cardless cash withdrawals thanks to WAY4 technology, the release said.