News

Pay in-pay out network bridges the digital divide

February 4, 2014

Historically, ATM and POS network operators have been locked into card-based payments acquiring relationships that offer few options for generating additional revenue streams. Additionally, new payment methods have mostly evolved as alternative payment closed-loop systems with little or no interoperability with traditional legacy payment channels. 

However, Pay-e Network says it has a universal cash in-cash out EFT solution that bridges the divide between digital (i.e., online and mobile) payment channels and bricks-and-mortar payment systems, a news release from the company said. 

According to the release, the patent-pending Pay-eCash solution involves only a simple software upgrade and requires neither hardware modification nor host system development or certification. Further, Pay-eCash provides a complete compliance program tailored to meet the exacting standards of state, federal and international AML and CTF regulatory compliance.

Through strategic partnerships, Pay-e Network said it can offer financial institutions and corporate clients access to more than 1 million ATM and cash point locations worldwide. The company, which also owns iATM, and AnyTimeMoney, said it is currently processing more than 1 million transactions per month. 

Pay-e Network will be demoed in an "ATM-X-Games" workshop on Feb. 11 at the ATMIA US conference in Orlando, Fla., and will be shown in the exhibit hall on Feb. 12 and 13.

Read more about ATM innovation.

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ATM Industry Association (ATMIA)

The ATM Industry Association, founded in 1997, is a global non-profit trade association with over 10,500 members in 65 countries. The membership base covers the full range of this worldwide industry comprising over 2.2 million installed ATMs.

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