CO-OP Announces Cardless ATM Withdrawals Posted by Association of Vermont Credit Unions on 10:45 AM

In a press release today, CO-OP Financial Services announced the introduction of card-less withdrawals from ATMs driven by the provider.  The new Cardless Cash Access allows members to withdraw cash faster and more securely at the ATM by using their phones, rather than a plastic card, to initiate and complete a transaction.

CO-OP is the first credit union fintech provider to offer cardless cash access as part of ATM network and terminal driving services.

Cardless Cash Access works when the credit union adds the feature to its mobile banking app. Accountholders then log-in to the app and stage the cash withdrawal. Once at the ATM, the accountholder selects the Cardless Cash Access option, leading the ATM to display a dynamic token or QR code. The accountholder then scans the QR code with the mobile app and when authentication is complete, the cash is dispensed.

Cardless Cash Access can be used on Diebold Nixdorf and NCR ATMs within the CO-OP ATM network, and managed by CO-OP Terminal Driving services. 

Cardless transactions are expected to reduce fraud because they make card skimming impossible. By removing the card from the transaction all together, the technology eliminates the risk of mag-stripe data compromises at the terminal.