Technology services company NCR partnered with FinTech Clip Money to expand its cash management solutions.
NCR invested in Clip Money and embarked on a long-term “firmware exclusive, commercial collaboration,” it said in a Wednesday (Sept. 27) news release.
The partnership will combine Clip’s business cash deposit solution with NCR’s cardless cash deposit application programming interface (API) and cash in network, the release said.
“Access to NCR’s ATM network and cardless cash management API will significantly expand merchant’s access to Clip Money cash deposits endpoints,” said Stuart MacKinnon, executive vice president of ATM Group at NCR, in the release. “These endpoints are located at some of the largest retailers in the country and demonstrate the power of NCR networks to bridge the digital and physical worlds.”
The combined solution creates value for financial institutions that want to give businesses cash deposit options and ease demand on branches, according to the release. Merchants, meanwhile, gain a safer and easier way to manage excess cash at the end of a shift “without managing card portfolios,” per the release.
Clip Money’s network lets businesses make cash deposits into their bank account of choice without integration at the bank itself. The partnership will expand Clip’s services — now available at close to 400 locations — to NCR’s more than 2,500 operating sites.
Paper money and checks remain popular among businesses even as the world goes digital.
“There’s still an awful lot of cash and paper checks being used,” Judith McGuire, senior vice president of global products at Discover® Global Network, told PYMNTS in July. “Particularly in the Asia-Pacific region.”
McGuire added that despite the world’s pivotal phase shift to digital payments, 62% of companies use cash to pay for commercial goods and services.
“We have an environment where consumers are growing ever more digital, but then when we get to business purchases, everyone is back to cash and checks,” McGuire said, stressing that there is a great opportunity to “take that consumer experience of digital payments and move it into commercial payments.”
NCR’s partnership with Clip Money comes two days after it set a date for the planned spinoff of its ATM business.
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