Fiserv Completes Card-Free ATM Pilot, Introduces AML Compliance Solution for Gaming Industry (Sept. 15, 2015)
Fiserv Inc. will be enabling consumers to access their cash without using a payment card at participating ATMs. The Brookfield Wis.-based provider of financial services technology solutions also announced this week the introduction of a risk monitoring and anti-money laundering (AML) compliance solution for the casino industry.
The company announced yesterday it has completed a successful pilot with Jacksonville, Fla.-based VyStar Credit Union offering card-free access to cash at participating ATMs with CardFree Cash from Fiserv. If a cardholder’s debit card is lost, stolen, breached or simply left at home, they still are able to withdraw cash by using a secure access code and PIN at participating ATMs. For added security, VyStar Credit Union can set withdrawal limits, number of transactions allowed and length of time the access code can be used. The card-free cash withdrawals in the pilot were performed at acquiring partner Payment Alliance International’s participating ATMs and completed using Accel’s debit payments network.
“Today’s consumers have come to expect immediate, easy and secure access to their money,” said Vincent Brennan, Fiserv’s president, card services. “Card replacement can take time, and wire transfers can be expensive. Instant access to funds without a card helps financial institutions improve service and security.”
With a responsibility to keep financial crime out of gambling, casino operators need to respond quickly to evolving regulatory demands and reassess their approach to AML programs and processes, according to Fiserv, and today the company announced the global launch of AML Risk Manager for Casinos. Fiserv’s risk manager offers predictive analytics, among other features, for suspicious activity detection, behavioral profiling of patrons and patron financial activity.