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Wintrust Pilots ATM Withdrawal Via Mobile Wallet

Wintrust Financial Corporation is piloting a solution to enable cash withdrawal at Diebold ATMs through Paydiant and FIS mobile wallet.

Illinois-based Wintrust Financial Corporation is piloting a service that will allow its customers the ability to withdraw cash from Diebold ATMs using the Paydiant and FIS mobile wallet solution.

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.”

[See Also: Long Live The ATM]

Zarna Patel is a staff writer for InformationWeek's Financial Services brands, which include Bank Systems & Technology, Insurance & Technology and Wall Street & Technology. She received her B.A. in English and journalism from Rutgers University College of Arts and Sciences in ... View Full Bio

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User Rank: Author
7/29/2013 | 2:55:23 PM
re: Wintrust Pilots ATM Withdrawal Via Mobile Wallet
All good points, plus the general fact that people have to feel compelled that this is more convenient that just putting their card in the ATM. But this is probably the way things are going; 10 years from now we'll likely all be withdrawing cash this way.
User Rank: Apprentice
7/29/2013 | 1:55:45 PM
re: Wintrust Pilots ATM Withdrawal Via Mobile Wallet
Interesting concept, on its face, it appears this would reduce the risk of skimmers/PINcams. The main issues I see is that that will only work with ATMs enabled with the technology, and apparently run by an FIS bank. As a potential customer, I wouldn't be interested in this unless I could use it at nearly any ATM. I understand it is a pilot, if limited to just FIS banks, adoption will be a large obstacle.
User Rank: Author
7/25/2013 | 5:13:13 PM
re: Wintrust Pilots ATM Withdrawal Via Mobile Wallet
Wonder how quickly this will catch on among Wintrust customers, and if other banks will soon be offering this service.
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