If you live in Los Angeles, New York or San Francisco, the mobile revolution may be coming soon to an ATM near you.
ATM Marketplace is reporting that FIS and City National Bank – an FI with 27.4 billion in assets – are teaming up to pilot FIS Cardless Cash Access at City National ATMs in the aforementioned cities.
FIS Cardless Cash Access securely authenticates a user on his or her smartphone. Then the consumer selects the account and the withdrawal amount on the phone. At the ATM, the consumer scans a QR code on the machine and, within seconds, cash is dispensed and an e-receipt is sent to the phone.
According to the same report, security within FIS Cardless Cash Access is provided through the app’s authentication and registration of a user’s smartphone.
In short, this dramatically bolsters user security reducing the likelihood of fraud.
“Consumers continue to look for innovative new ways to engage with their financial institutions via mobile devices. At the same time, they demand additional security to keep their information safe,” says Doug Brown, senior vice president and general manager of FIS Mobile. “Information from Cardless Cash Access is maintained in the cloud, so card data cannot be accessed if the consumer’s phone is lost or stolen – making this a faster, safer, more secure way to make a withdrawal.”
To learn more, check out the complete ARM Marketplace article here.