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January 24, 2014

Paydiant wins patent for performing cardless transactions at ATMs

Paydiant, a Massachusetts-based white-label mobile payments provider, has won patent from the US Patent and Trademark Office (USPTO) for using mobile device to perform transactions at automated teller machines (ATMs).

By Verdict Staff

Paydiant, a Massachusetts-based white-label mobile payments provider, has won patent from the US Patent and Trademark Office (USPTO) for using mobile device to perform transactions at automated teller machines (ATMs).

Using Paydiant solution, customers can use their smartphones to withdraw cash from ATMs, thus enhancing consumer mobile banking experience.

Additionally, the solution does not need a one-time use code for transactions, instead user can simply scan a QR code displayed on the ATM with their mobile devices to perform transaction.

Paydiant co-founder, Kevin Laracey, said as mobile technology proliferates, banks are looking for new ways to leverage that touchpoint with their customers – and it goes way beyond making payments.

"This patent describes a more convenient and secure way for consumers to conduct a very common interaction with their banks. It adds value for the consumer, extends the bank’s relationship with their customers and encourages customer loyalty. That’s the real opportunity in mobile," Laracey added.

The newly patented cardless cash access solution is already deployed by Wintrust Financial and City National Bank in partnership with FIS and Diebold.

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