22 October 2016
Find out more

PAYe Network introduces US ATM cardless network

25 February 2014  |  2163 views  |  0 Source: PAYe Network

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. 

Comments: (0)

Comment on this story (membership required)

Related blogs

Create a blog about this story (membership required)
Visit dh.comhttp://www.financialcrimerisk.fiserv.com/aml?r=finextraVisit www.dh.com

Top topics

Most viewed Most shared
The bank of the future will be invisible - KPMGThe bank of the future will be invisible -...
33133 views comments | 119 tweets | 223 linkedin
New EU rules could cost UK firms £122bn in cybersecurity fines - PCI SSCNew EU rules could cost UK firms £122...
10669 views comments | 31 tweets | 37 linkedin
Barclays and Citi test blockchain tech for equity swaps processingBarclays and Citi test blockchain tech for...
8444 views comments | 26 tweets | 19 linkedin
ING takes fintech startup route to UK relaunchING takes fintech startup route to UK rela...
6896 views comments | 29 tweets | 21 linkedin
Indian banks hit by massive ATM breachIndian banks hit by massive ATM breach
6523 views comments | 16 tweets | 25 linkedin

Featured job

to Six-Figure Base, Bonus, Benefits
London, UK

Find your next job