PAYe Network announced the launch of its USA network at the ATMIA Conference 2014: Reinventing the ATM. PAYe Network is the world's first universal ATM 'Pay-In-Pay-Out' global cardless network with over 1 million cash-access-points with built-in interoperability to existing financial networks and full regulatory compliance.
PAYe transactions can be initiated with or without a card by utilizing state-of-the-art virtual tokenization technology and patent pending systems and methods.
PAYe identified a problem in the current payments system and has developed a unique solution. The problem is that ATM networks only allow for bank issued debit and credit card transactions. The PAYe solution is an ATM network that provides access to third party financial services via an open-loop financial network infrastructure without requiring cards that are linked to depository financial institution checking accounts.
The PAYeCASH Pay-In-Pay-Out Solution is the most significant ATM integrated payments innovation in the history of the ATM, by enabling individuals and businesses to send and receive cash through an open-loop financial network. Our revolutionary technology and the unique network architecture can connect any customer facing electronic device (ATM, POS, Kiosk and Mobile Phone) to perform a real-time money transfer in a safe, secure and convenient ATM environment with a complete regulatory compliance program.
The PAYe Network can provide financial institutions and independent ATM deployers with a whole new revenue steam that is not dependent on low branded card network interchange rates. PAYe Network can connect ATMs to a value chain of service providers that are currently locked out of the
ATM networks, because they are not depository institutions. Simply select the PAYeCASH function button on the ATM welcome screen, enter your mobile number and the personal identification number (PIN) that is sent in a secure SMS text message, select the amount, and receive your cash payment. It's that easy.