CHARLOTTE, N.C. — Privier Inc., a startup that has launched a no-card ATM service called Privier iTransfer and Privier mPayment, both of which are aimed at servicing banked and unbanked users.
Privier's Patent Pending iTransfer and Privier mPayment will allow bank customers to electronically transfer funds using mobile banking or online banking. The recipient is then able to withdraw the funds without a card or bank account.
"We equip ATM screens with an icon, which reads 'Pickup Cash.' All the recipient needs to do is press this icon, which will automatically activate the ATM for a Privier iTransfer or mPayment transaction," said Charles Polanco, Privier's chief executive.
According to a news release, a sender can transfer any maximum payment set forth by the financial institution to a recipient.
To authorize the funds transfer, the sender is prompted to provide debit/ATM card information, such as card expiration date, a three-to-four-digit security code and/or the last four digits of debit/ATM card number. A 10-digit withdrawal number is generated and is automatically provided to the sender. The sender contacts the recipient with the 10-digit withdrawal number and the amount sent. The recipient then withdraws the money at an ATM using the withdrawal number.
