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N.C.-based Privier develops ATM remittance service for unbanked
November 3, 2008
CHARLOTTE, N.C. — Privier Inc.'s ATMSend remittance service will allow unbanked users to transfer cash using ATMs — without cards or bank accounts —to unbanked recipients.
Privier seeks to level the playing field currently dominated by Western Union and MoneyGram with a patented no-card, no-bank account, no agent, cash-to-cash remittance solution for U.S banks and financial institutions abroad.
"We equip envelope-free ATM screens with two icons, which read 'Send Cash' and 'Pickup Cash,' and non-envelope-free ATMs with an icon, which reads 'Pickup Cash,' said Charles Polanco, Privier's chief executive. "All the sender and recipient needs to do is press the appropriate icon, which will automatically activate the ATM for a Privier ATMSend transaction."
The sender can transfer a maximum payment set by the bank to a recipient through an ATM. The sender enters a mobile number for the recipient and then a system-generated 10-digit number is automatically sent to the mobile number.
The sender contacts the recipient with the 10-digit number and the amount sent, and the recipient withdraws the money at an ATM using the 10-digit number.
The withdrawal amount must be requested in full.
Underbanked / UnbankedTransaction ProcessingEFT NetworksLatin AmericaOtherNorth AmericaBank / Credit Union
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