Privier's Patent Pending iTransfer and Privier mPayment will allow bank customers to electronically transfer funds using mobile banking or online banking to a recipient who is then able to withdraw the funds without needing a card or bank account.
"We equip ATM screens with an icon, which reads 'Pickup Cash'. All the recipient needs to do is press this icon, which will automatically activate the ATM for a Privier iTransfer or mPayment transaction," said Charles Polanco, CEO of Privier Inc.
A 'bank customer' the sender, can transfer a maximum payment set forth by the bank, to a recipient.
To authorize the funds transfer transaction the sender is prompted to provide debit/ATM card information (Example debit/ATM card expiration date, 3- 4 digit security code, and or last 4-digit of debit/ATM card number). A system-generated 10-digit withdrawal number will then be automatically provided to, the sender.
Following this, the sender will have to contact the recipient with the 10-digit withdrawal number as well as the amount sent. The recipient can then easily withdraw the money by using the withdrawal number and the specified amount at an ATM, within the bank's ATM network.
Polanco pointed out that the withdrawal amount must be requested in full, as Privier iTransfer and mPayment does not allow partial withdrawals.
"Unclaimed funds are automatically returned to the sender's account after a period of 30 days," he said.