 Home Solutions ... MobiCashATM
 The ownership of mobile phones has risen by an outstanding amount in the recent years and in certain countries the number of mobiles in circulation is much higher than that of payment cards. Developments in mobile technologies have given rise to m-Commerce and unveiled many innovative and secure ways of using mobile phones. Mobile phones are no longer viewed as just voice and text messaging devices but also as means of personal identification, browsing the web, banking and making payments. Wireless financial services are particularly on the rise, with 34, 76 and 83 million consumers in N. America, W. Europe and Asia-Pacific (respectively) immersing in the wireless world to do their banking*.
This makes m-banking a promising area that is able to deliver handsome rewards for those recognising the opportunities it delivers and capitalising on them.
Whilst such financial transactions as balance requests, viewing statements, fund transfers and even making payments for goods and services are amongst the most common in mobile banking, withdrawing cash, although one of the most demanded banking services, is not offered.
First flamboyant attempts to enable cash withdrawals using a mobile phone were introduced back in 2001 by some of the well-known companies. This introduction has marked the time for necessary reconsideration of our fundamental notion of ATMs – the traditional attributes of modern banking that symbolise the impregnability and conservatism of retail banking.
MobiCashATM™ was also amongst the first few developments enabling mobile cash withdrawals for m-Commerce users. First introduced in 2002 and subsequently significantly revised to suit an array of different markets and incorporate advanced security features, MobiCashATM™ is a radical re-thinking of the way cash can be withdrawn.
The solution ‘upgrades’ the traditional ATM and brings it up to the standards of the m-Commerce banking era. MobiCashATM can allow any bank customer to withdraw cash using just a standard mobile phone without any modifications performed to either a handset, or a SIM card (although other approaches are available). Cash withdrawal transactions require neither a bank card, nor any physical contact with the ATM. The transaction is initiated by a mobile phone holder with a help of the m-banking service enabled by TranzWare Mobile. After receiving the holder’ instructions and running a special authentication procedure, the system transfers the request for a cash withdrawal of a specified amount to the ATM. This way there is no direct communication between the mobile phone holder and ATM and the processing host serves as an intermediary between the two.
MobiCashATM: transaction stages
MobiCashATM: Customer Enrollment
The technology can be seamlessly integrated into existing ATMs or supplied as standard with a purpose-built ATM – MobiCashDispenser™ that has no keyboard, traditional screen, card reader or receipt printer (optionally) as all these functions are performed by a mobile phone.
The solution provides an opportunity to supply a brand new service that is attractive to young consumers, robust, flexible and has a competitive edge. Perhaps the key advantage of MobiCashATM™ is that in contrast to existing solutions, MobiCashATM™ is independent of interaction channel and thus, offers a broad range of transaction initiation and response means, including SMS (over SMTP and SMPP), IVR, WAP, proximity sensors (transaction initiation only) and other facilities for interaction with external hosts and systems. As such, MobiCashATM does not require collaboration with several organisations in order to enable cash withdrawal service. However, the solution is flexible enough and can accommodate a co-operative business model between mobile telephone operators, financial institutions, payment systems and other organisations willing to participate in the project.
Security
MobiCashATM™ provides all necessary data protection and authentication and builds its security based on dynamic two-factor authentication (customer unique identification number at the point of transaction initiation and PIN at transaction authorisation), blockage of the access to the service if PIN is entered incorrectly three times, notification service about cash withdrawals (electronic receipts) and encrypted communications. The product also supports the industry standard ATM protocols (including ISO8583, NDC+, Diebold) for access to a processing centre and transaction authorisation.
MobiCashATM™ Benefits
For deploying companies:
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Telecommunication and processing costs reduction |
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Reduction in ATM networks development expenditure (if MobiCashDispenser is used) |
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Flexibility: availability of a variety of customer transaction initiation means, thus, ability to adapt the service to a specific market |
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Opportunity: all mobile phone users are potential customers |
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New revenue streams |
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Ability to leverage existing ATM network |
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Improvement of an existing image and strengthening of a competitive advantage, which can establish a deploying company as innovative and forward looking, thus, attracting young consumers |
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Higher customer retention and loyalty |
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Reduction in costs of bank card issuance and usage (especially of cash cards) |
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Reduction in fraud losses (as no need to issue cards, no lost&stolen expenses, the ATM is simplified) |
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Cross-selling opportunities (e.g. provision of phone top-up service) |
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Access to a new advertising channel: knowing your customer’s mobile number opens up a new, relatively cheaper method of direct advertising |
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Seamless integration with any ATM-switches, other systems and components and there is no need for any host software modifications |
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Integration of mobile withdrawals into traditional ATM networks without extensive modifications and substantial downtime |
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MobiCashATM™ can be supplied as part of a purpose-built ATM – MobiCashDispenser that is moderately priced, reduces fixed and running costs and has a number of other advantages |
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Appearance of a new service – new way of ‘cash transfer’: a bank customer initiates a transaction in one location, whereas recipient of the money is at the ATM location (this, for instance, is good for child and parent or emergency withdrawals) |
For customers:
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Easy to operate: a logical sequence of simple actions |
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Access to a range of integrated mobile banking services |
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Convenience and availability of service at any time |
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No need to replace a handset or change a phone number |
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No need to carry a bank card as well as mobile phone |
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Security: if a phone is lost no one can use it to withdraw cash or perform other transactions |
For further information please download the brochure or contact us.
* Source: TowerGroup |
