March 17, 2015
BMO Harris Bank unveils cardless app
Chicago, IL--Chicago-based BMO Harris Bank on Monday has unveiled a mobile app for cardless ATM cash withdrawals and claimed it has the nation’s largest network of ATMs configured for smart-phone-based withdrawals.
BMO Harris Bank, the U.S. affiliate of BMO Financial Group (Bank of Montreal), said 750 of its ATMs currently can perform cardless cash withdrawals using its new mobile cash app, and another 150 will be ready in June. “With the launch, BMO Harris now has the largest network of cardless-enabled ATMs in the country,” says the bank.
“Smart phones are quickly becoming the singular device that people use to help manage their life,” says Connie Stefankiewicz, head of North American channel strategy and solutions at BMO Financial Group. “BMO Harris is continuing to invest significantly in technology that is designed to address consumers’ evolving preferences.”
The mobile app uses QR codes to allow cardholders to make cash withdrawals without inserting their debit cards into the ATM. The app will speed up transaction times and does not store customer account information, says the bank.
The app uses technology from white-label mobile-payments and banking platform developer Paydiant Inc. and comes to BMO Harris Bank via Paydiant’s partnership with payment processor Fidelity National Information Services Inc. (FIS). Other banks that use Paydiant’s technology for mobile cash withdrawals include Wintrust Financial Corp. and City National Bank in Los Angeles.
To use the feature, the customer logs in to her mobile-banking app to request the withdrawal amount. The application sends a token to the user’s device linking the user, her account number, and the requested transaction. Later, at one of her bank’s ATMs, the user pushes a “mobile” button on the ATM screen and scans the QR code displayed on the screen to identify herself and trigger cash dispensing via an encrypted connection to a cloud server.