Chartlotte, N.C.-based Privier has developed a new ATM service called ATMSend that will allow the unbanked to transfer cash using envelope-free ATMs. According to the company, users would perform transactions without the need of a card or bank account. The recipients can then withdraw the funds, also without needing a card or bank account to do so.
According to Privier, ATMSend is designed ot help level the playing field for banks that wish to reach out to the unbanked market. It is offering the service to banks in the U.S. and abroad.
To use ATMSend to send cash, users must register their mobile phone and personal information such as name, address, date of birth and social security number, which is verified against the OFAC list. As an additional safeguard measure, Privier uses idology's ExpectID IQ for knowledge-based authentication.
To perform a transaction, the sender enters his cellphone number at the ATM. A system-generated 10-digit withdrawal number will then be automatically sent to the cellphone number provided. Then, the sender contacts the recipient with the 10-digit withdrawal number as well as the amount sent. The recipient can then withdraw the money by using the withdrawal number and the specified amount at an ATM, within the banks ATM network. Partial withdrawals are not allowed.