News

Privier launches P2P ATM payments for U.S. users

February 24, 2009

CHARLOTTE, N.C. — Privier Inc., provider of person-to-person payments in the remittance market, is now leveraging the ATM for money remittances initiated and transferred within the United States.

According to a news release, a user who is transferring money to a specified recipient simply enters his Social Security number and deposits the cash into the ATM.

The Privier patented solution must be used with an image-deposit-enabled ATM to send the cash via a so-called "intelligent cash transfer." After the money is deposited, the ATM prints out a receipt with a one-time authorization code for the recipient.

To retrieve the cash, the recipient touches the "Pickup Cash" icon displayed on the ATM screen and then enters his Social Security number and the authorization code. The enter transaction is conducted without an ATM card.

Privier's solution relies on an interactive, knowledge-based query process to authenticate an individual's identity at the ATM, in addition to relying on the user's Social Security number.

Privier is marketing the solution to individual financial institutions with a long-term goal of creating a network of ATMs that offer its remittance/money-transfer service.