Cardless P2P Withdrawals

Solution Overview

SWITCHWARE® now supports cardless person to person (P2P) ATM withdrawals. Your bank customers can now generate a cash payment to other individuals (the payee) when the payee uses one of your P2P-supported ATMs.

The P2P transaction is available from any SWITCHWARE-driven ATM in your network that includes the terminal program modifications required to support cardless withdrawals. These ATM terminal program changes include enabling terminal display screens that support the cardless ATM transaction selection and entry of the password and P2P payment amount. Please contact CSFi and/or your ATM terminal program provider to determine the ATM screen changes that you will require.

Implementation of the SWITCHWARE cardless P2P solution, allows cardholders to transfer funds to virtually anyone, regardless of whether the recipient has a bank account, so long as they can gain access to the bank’s ATM driven by SWITCHWARE.

Convenient and secure, cardless P2P ATM withdrawals increase transaction volumes and revenues. As a value-added feature, it promotes client loyalty by eliminating the threat of customers seeking outside P2P providers. Additionally, it provides an opportunity to offer banking services to the un-banked and cultivates increased use of ATM’s in developing countries.

Implementation of SWITCHWARE’s cardless P2P ATM withdrawal feature is a software-only upgrade, and does not require the purchase of new hardware or server equipment. All transaction information is encrypted to ensure complete security and compliance.

The function is supported using an interface between SWITCHWARE and a third party mobile banking application (using an XML type of interface) to manage the P2P transaction authorization process and to determine funds availability. The third party mobile banking system is normally responsible for generating a unique password for each P2P transaction and sending the password and payment amount in a SMS text message to the Payee. SWITCHWARE validates the transaction and interacts with the ATM for the P2P transaction flow.

Cardless P2P Withdrawal Benefits

  • Securely transfers money to virtually anyone whether or not they have a bank account
  • Instant transfer and immediate fund withdrawal capability
  • Low cost alternative to cashier check or wire transfer
  • Compatible with any mobile device or telecom carrier
  • Auto-introduction to new customer prospects
  • Revenue generation via fees
  • Shorter “in branch” teller lines allow more time for teller promotion of high value products and services

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