Colombo, Sri Lanka: DFCC Bank customers will soon be able to generate cardless cash payments to other individuals from any of its SWITCHWARE® P2P supported ATMs.
For over 60 years, DFCC has remained committed to creating sustainable value for the communities in which it operates. The bank has evolved and diversified to meet the changing needs and aspirations of both its customers and an emerging economy.
With the Implementation of CSFi’s SWITCHWARE cardless P2P solution, the bank will allow its cardholders to transfer funds to virtually anyone whether or not the recipient has a bank account as long as they have access to one of the bank’s SWITCHWARE driven ATMs.
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 unbanked and cultivates increased use of ATM’s in developing countries.
The transactions will be initiated on the bank’s Internet/Mobile Banking system, where the Bank customer (sender) requests a cardless withdrawal transaction for a specified amount and enters the receiver’s mobile information. The receiver will receive a Customer ID on their mobile phone and instructions on contacting the sender for the PIN they will enter at the ATM. This Customer ID and PIN is used by the receiver to withdraw cash from the Institution’s ATM.
A software only upgrade, the implementation of SWITCHWARE’s cardless P2P ATM withdrawal feature will not require the purchase of new hardware or server equipment.
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 allowing more time for teller promotion of high value products and services
To learn more, Register now at CSFi.com to enable full access to our web resources. Once registered, users have full access to brochures, videos and additional information fully describing the features and benefits of SWITCHWARE®, Cardless P2P Withdrawals, and our entire suite of products, services and solutions.