News

Privier targets unbanked at ATMs with instant-money-transfer service

October 25, 2009

Privier's person-to-person payment platform is building on the underlying technology available at envelope-free, check-imaging ATMs. Previer's money-transfer service, allows person-to-person payments as well as payments to overseas merchants.

In a news release, Previer says the technology takes the hassle out of cross-border payments, regardless of to whom the payment is being made:

The service enables a buyer in the U.S. to pay a merchant (seller) in Italy by depositing dollars at a U.S. ATM and having the merchant in Italy dispense the ATM deposit in euros (commission-free), without sharing personal or financial related information, instantly.

Previer says the market for the technology is "enormous":

In the United States alone, account-to-account transactions is a $320 billion industry. The leader in the person-to-person payment space is PayPal Inc. PayPal operates in 190 markets, and it manages over 184 million accounts.

What makes Previer's service different is that it is available at ATMs that accept envelope-free deposits, and no enrollment is required. The user just simply inserts a bank card into the ATM and chooses a function: "Send Cash" or "Pickup Cash." Privier allows customers to send and receive funds in 164 currencies worldwide.

Previer estimates that four billion people throughout the world have bank accounts with linked bank cards.