The solution, called Mobile Cash Access, is designed to gives consumers a more convenient and secure option to interact with their financial institutions, according to Diebold. To use the service, customers can log on to their mobile banking application, find the nearest ATM, and go through withdrawal prompts on their phone. At the ATM, consumers authenticate themselves by scanning a unique QR code that signals the ATM to dispense cash via an encrypted connection to the cloud.
After a year of researching, Diebold built the function in the terminal software and collaborated with Paydiant, which provides the mobile wallet, and FIS, which delivers the processing.
The research Diebold conducted showed that consumers that are a part of the millennial generation desire the ability to use their mobile devices to interact with ATMs, says Devon Watson, senior director software product management for Diebold.
“This mobile cash access is the first thing productized from that research,” says Watson. “We’re always trying to stay one step ahead of hackers, skimmers and other forms of fraud. In this particular solution, because you don’t have to use your card for withdrawal, there’s no ability to skim your card data.”