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Listen and learn how Fiserv helps financial institutions meet consumer demand for platforms that provide both security and convenience with mobile access to funds at the ATM. This growing demand prompted Fiserv to integrate CardFree Cash functionality into the CardValet mobile app, providing consumers with real-time mobile alerts and card controls as well as secure cardless ATM withdrawals. Learn more at Fiserv.com.
In the last decade, consumers have been doing more of their banking online and via mobile apps, and more recently, the ATM has also been impacted by the quest to go digital.
Fiserv Inc., a provider of financial services technology solutions, has been responding to this demand, and Kamesh Tumsi, VP of product strategy at Fiserv card services, joined ATM Marketplace's latest podcast to give us the scoop.
As he explained it, the process of digitizing ATM transactions has followed a natural evolution. For instance, for a while now, most ATMs have been able to capture check images and send them to the ultimate endpoint for clearing, so cash machines are already digitizing checks. But what if we could pay people without writing checks?
In late 2010, CashEdge (now part of Fiserv) launched Popmoney, a payment service that lets you "pay other people" using their email address, mobile phone number or bank account number.
Following that, Fiserv introduced Popmoney Send Cash, which enables recipients of a Popmoney text to go directly to an ATM to claim their cash.
"A sender initiates a P2P transfer using Popmoney, and the recipient receives a text or an email with a passcode," Tumsi said during the podcast. "Upon arrival at any Popmoney enabled ATM, the recipient can then enter that passcode, press the Popmoney button on the ATM display and then receive the funds."
Leveraging Popmoney's P2P infrastructure, Fiserv added new advancements to make ATM transactions even easier, he said. By using Fiserv's CardValet, a mobile app for card management that lets cardholders monitor and control how their cards are used, consumers can now take advantage of Fiserv's CardFree Cash program.
"In a few steps, a user can launch their mobile CardValet app, key in the amount they want to withdraw, look up the nearest ATMs that are enabled for this feature, and they get the code right away. Then the user can just walk up to the ATM and punch in the code — or they could still send that code to their spouse or child or somebody else in the P2P scenario," Tumsi said.
To learn more about how Fiserv is digitizing the ATM, listen to the full podcast.
Amy Castor has more than 20 years of experience in journalism and mass communications. In the last several years, she has gotten particularly interested cryptocurrencies, blockchain technologies and other evolving forms of payment. Her work has appeared in consumer and trade publications throughout the U.S., including CoinDesk, Forbes, and Bitcoin Magazine. She is now the editor of ATMmarketplace.com and WorldofMoney.comwww