NCR Corporation has launched a new software that allows consumers to withdraw cash from their banking accounts on mobile devices.
The new technology also allows customers to complete transactions at an ATM by scanning a 2D barcode.
The entire transaction, while the consumer is in front of the ATM, can take less than 10 seconds.
NCR is looking for partnership opportunities with select financial institutions to pilot this new solution.
“We live in a mobile world where the modern consumer expects to handle transactions using a variety of mediums. NCR has been a pioneer in variety of multi-channel environments, from using your phone as an airline boarding pass,” said Jaivinder Gill, managing director, NCR Corporation,India.
Consumers can use any iOS or Android smart phone at any location and at any time.
Once at their bank’s ATM, the consumer will use the embedded functionality to scan the 2D barcode on any participating ATM’s home screen, and the pre-staged cash transaction will be authorized and funds dispensed.
The solution requires no additional ATM hardware such as barcode scanners or near field communication (NFC) readers. It can be deployed with just a simple software upgrade, making it an affordable multichannel solution for financial institutions.
NCR claims that mobile cash withdrawal is a secure approach to traditional card-based ATM transactions. Scanning the barcode identifies the location of the ATM and prompts fulfillment of the transaction. In turn, using a mobile device eliminates the threat of ATM skimming devices used by criminals.
The solution includes an integrated electronic receipt that delivers the receipt to the users’ mobile app, eliminating the printed paper receipt and includes the ability to store and archive the receipt for later retrieval.
NCR will launch the software later this summer for integration in to ATM software including NCR APTRA AANDC or Activate software platforms.
Pilot customers can utilize a standalone mobile app for cash withdrawals. Or NCR will integrate the solution in the bank’s mobile banking system or NCR’s APTRA Mobile Banking solution so that consumers can use their mobile banking app as an ATM interface.