FIS and Co-op bring cardless cash to credit unions
09 September 2016 | 5172 views | 0
FIS Cardless CashTM, the market-leading mobile solution that avoids using a plastic card at the ATM to withdraw funds, continues to expand its availability for consumers.
Already possessing one of the nation’s largest mobile phone-to-ATM networks, FIS™ (FIS), a global leader in financial services technology, has partnered with CO-OP Financial Services to expand Cardless Cash to CO-OP ATM’s menu of Terminal Driving services.
CO-OP provides members of participating credit unions with surcharge-free access to accounts through its nationwide ATM network. It will add FIS Cardless Cash to its menu of CO-OP ATM Terminal Driving services, with a pilot expected to launch in the first quarter of 2017.
“Cardless Cash combines innovation, efficiency, convenience and security to create both a valuable end-user service and a new revenue source for financial institutions,” said Anthony Jabbour, chief operating officer, Banking & Payments, FIS. “This partnership extends FIS’ leadership as one of the largest Cardless Cash ecosystems and will further drive end-user adoption of the capability.”
“CO-OP focuses on providing credit unions the latest technology that strengthens member connections,” said Todd Clark, president/CEO, CO-OP Financial Services. “This partnership will provide credit union members additional convenience, combined with the latest in transaction security.”
FIS Cardless Cash protects consumers by reducing risk of card skimming and shoulder surfing, both of which are on the rise at ATMs, according to industry data. By leveraging FIS Mobile Banking with TouchID, customers securely access their funds and authorize the amount they want without inserting a plastic card into an ATM. The mobile banking app acts as a remote control for the ATM, providing privacy and security for consumers. Customers using FIS Cardless Cash can complete their withdrawals in 10 seconds and get an electronic receipt on their smartphone.
“Adding CO-OP ATM locations and credit union members to our Cardless Cash ecosystem brings more convenience and more security to more users,” said Douglas Brown, SVP and GM of FIS Mobile. “We want to make mobile-centric access to cash a ubiquitous experience.”
FIS Cardless Cash is an interoperable platform for banks, credit unions, ATM operators and networks to provide consumers with quick, simple and secure access to their money. Launched in Jan. 2015, 35 financial institutions are active on FIS Cardless Cash, in multiple cities, and have successfully processed millions of dollars in cardless ATM transactions since launch. It will soon be available at more than 100,000 ATMs nationwide.