August 12 - An Illinois bank has rolled out a service that will enable customers to use their cellphones to withdraw cash from Diebold ATMs. Mobile Cash Access, from Wintrust Financial Corp., will use the Paydiant and FIS mobile wallet solution.
Diebold said in an announcement that the solution will give customers a more convenient and secure option for interacting with their financial institutions. To use it, customers will log on to their mobile banking application and find the nearest ATM, then follow the withdrawal prompts on their phone. Consumers will authenticate themselves at the ATM by scanning a unique QR code, which will tell the ATM via an encrypted cloud connection that itís OK to dispense cash.
Diebold spent a year conducting research before building the function in the terminal software. The company collaborated with Paydiant, which will provide the mobile wallet, and FIS, which will handle the processing.
In published reports, Devon Watson, Diebold senior director of software product development, said the companyís research shows that Millennials want to use their mobile devices to interact with ATMs.
"This mobile cash access is the first thing productized from that research," he said. "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."