FIS Partners With CO-OP To Expand Cardless Cash

FIS, the financial services technology company, announced on Friday (Sept. 9) it has partnered with CO-OP Financial Services to expand Cardless Cash to CO-OP ATM’s menu of Terminal Driving services.

CO-OP gives participating credit unions surcharge-free access to accounts through its nationwide ATM network. It will add FIS Cardless Cash to its menu of CO-OP ATM Terminal Driving services, with a pilot expected to launch in the first quarter of 2017.

“Cardless Cash combines innovation, efficiency, convenience and security to create both a valuable end-user service and a new revenue source for financial institutions,” said Anthony Jabbour, chief operating officer of banking and payments for FIS, in a press release. “This partnership extends FIS’ leadership as one of the largest Cardless Cash ecosystems and will further drive end-user adoption of the capability.”

According to FIS, Cardless Cash protects consumers by lowering the risk of card skimming or people looking over a person’s shoulder, both of which it said are on the rise at ATMs. FIS Mobile Banking with Touch ID enables customers to access their funds without inserting a plastic card into an ATM. The app serves as a remote control for the ATM, enhancing privacy and security. Customers can withdraw money in 10 seconds and get a receipt sent to their smartphone.

“Adding CO-OP ATM locations and credit union members to our Cardless Cash ecosystem brings more convenience and more security to more users,” said Douglas Brown, SVP and GM of FIS Mobile, in the press release. “We want to make mobile-centric access to cash a ubiquitous experience.”

FIS Cardless Cash is an interoperable platform for banks, credit unions, ATM operators and networks. It was launched in the beginning of 2015, and currently, there are 35 financial institutions active on FIS Cardless Cash. FIS said it has processed millions of dollars in cardless ATM transactions since its launch.