Expansion of Cardless Cash Access at ATMs
FIS, a provider of financial service technology and Cardtronics, a leader in ATM ownership and operation, announced plans on June 29th to integrate FIS Cardless Cash access to Cardtronics ATMs across the country. This service allows bank customers to access and withdraw funds from ATMs without the use of a debit or ATM card, using their mobile banking phone applications. The service with Cardtronics will also allow cardless cash access at some of the largest retailers across the United States.
With the increasing instances of card-related fraud, the feature, according to FIS, “employs a first class cloud security model to safeguard customers’ identifiable payment information.” This service can help banks and credit unions to better service and protect customers by leveraging cross-channel interaction at the ATM. The feature can save banks costs by the instantaneous issuance of replacement ATM cards and paperless, electronic receipts, and can drive account opening by the millennial, tech-savvy generation. The mobile app will essentially act as a remote control for the ATM, and allows more privacy and security for consumers than ever before.
The Cardless Cash service offers added security, speed, and convenience factors for your customers, but are your mobile banking security and internal control procedures ready? Contact us to learn more about our internal audit services to make sure your bases are covered to mitigate mobile banking risk as this service becomes more widely used.