All people know that we can withdraw money from ATM using ATM Card. Let draw the money from your bank account using your smartphone instead of ATM card. FIS banking Tech Company has introduced a system known as Cardless Cash Access. This system enables the people to get the cash from their bank account using their smartphone instead of ATM card. In Cardless Cash Access, upto 24 hours before performing a transaction a client is verified using an App on the smartpphone. After getting verified, account is selected then amount then location is specified at which they want to get the cash.
When they reach to the location, the money will be ready for them. To allow the ATM to dispense the cash they have just to use the ATM to scan a one-time-use QR code that has been sent to their smartphone while registration. After the transaction is done, an electronic receipt is sent to the user smartpone.
FIS says that, Cardless Cash Access system will eliminate the incidents of card skimming and fraud. People have to wait a very short time at ATM which will also minimize the robbery incidents.
No one can access the user data because it requires a password to access the information even they lose their smartphone. User account information is stored at a secure cloud-based server.
This system has been pilot tested in 3 cities of USA and will be at three more cities using City National bank ATMs in Los Angeles, New York City and San Francisco
