The new application eliminates the need of keeping debit or credit cards and allows banks and credit unions to provide their own branded mobile wallet services, without installing new hardware on ATMs or point-of-sale (POS) terminals.
The cardless MCA solution allows consumers to pre-stage cash withdrawals on smartphone devices and consumers authenticate themselves by scanning a unique QR code that signals the ATM to dispense cash through an encrypted connection to the cloud.
Commenting on the new solution, Diebold chief innovation officer Frank Natoli said that a bank-branded mobile wallet enables its clients to serve their consumers directly.
"Diebold’s partnership with Paydiant is a step toward creating a mobile wallet ecosystem that offers convenience and security to consumers directly from their financial institutions," Natoli added.
The new technology is being tested by Wintrust Financial in collaboration with FIS, Paydiant and Diebold.
