America First Credit Union, Banco Popular de Puerto Rico first to pilot contactless mobile payments with secure card onboarding via the ATM
NORTH CANTON, Ohio, Oct. 21, 2015 /PRNewswire/ -- Diebold, Incorporated (NYSE: DBD), in partnership with SimplyTapp, a mobile near field communications (NFC) payment and host card emulation (HCE) technology company, are continuing to securely connect the digital and physical worlds of cash with a secure, white-label mobile wallet offering. Through a highly unique and secure card onboarding process, XPRESSION™ SafeLoad, Diebold's Mobile Cash Access solution reduces fraud by using the inherently secure architecture of the ATM network to onboard the user's card through the use of standard card present PIN-secured technology.
Unlike other mobile wallets that do not need a card to be present—but instead allow consumers to take a picture of the card or manually enter the card's digits to upload—Diebold's patent-pending process requires the card to be inserted into the ATM's card reader and be authenticated via PIN entry.
To enroll, the consumer approaches the ATM, inserts their card and enters their PIN as normal, which is the most secure transaction type available today. On the ATM screen, they are given the option to enroll in their financial institutions' mobile wallet. Once they choose this option, they enter their mobile phone number and receive a text message with a link to download the application. Automatically, the consumers' card data is securely encrypted in the form of tokens and transferred from the ATM to the card issuer's secure, virtual cloud via SimplyTapp's HCE solution. This allows the consumer to immediately start using the NFC tap-to-pay functionality on their phone, which can be done at the ATM or any point-of-sale device that accepts contactless payments.
In a recent study, 62 percent of consumers are concerned with mobile payments security1, but overwhelmingly prefer and trust banks to manage their financial data2. This white-label offering enables financial institutions to securely promote mobile integration and control the user experience and data. It also empowers financial institutions to remain competitive by offering an exclusive solution in the growing payments space.
"Consumers these days carry cash, cards and a phone; how can they securely use these together? We brought our knowledge of authentication, security and ATM transaction processing to provide a better, more secure consumer experience," said Alan Kerr, Diebold executive vice president, software. "From hardware and software to services and security, we have the knowledge and experience to orchestrate the most advanced experiences the industry has ever seen: secure, convenient card onboarding to a mobile payments app, followed by instant NFC access at both point-of-sale and the ATM."
"SimplyTapp believes extending consumer relationships through mobile devices is critical to the future of banking," said Doug Yeager, SimplyTapp chief executive officer and co-founder. "Together with Diebold's secure self-service technology and our leading Cloud Token Solution, the need for highly secure authentication and card onboarding can now be fully realized at the convenience and familiarity of a bank's ATM."
Currently in live pilots with customers globally, the new solution creates a truly unique and secure mobile wallet application available at the ATM.
"Being based in the Salt Lake City metropolitan area, we have a deep breadth of experience with a number of mobile and contactless technologies," said Brice Mindrum, America First Credit Union, head of mobile services. "We have been waiting for a mobile payment solution that also incorporates cardless access at the ATM in a way that supports and extends our brand to manage card onboarding more effectively."
"This solution is part of a productive and ongoing co-innovation partnership we have with Diebold that helps keep us at the forefront of new technologies and supports our leadership position in our market," said Rachid Molinary, vice president of digital strategy for Banco Popular. "This type of solution positions us to support our existing customers while enabling us to explore additional value-added services for unbanked and underbanked consumers."
Diebold will showcase this solution at booth #1831, Oct. 26-28 at the 2015 Money 20/20 Conference in Las Vegas. Pending completion of successful customer pilots, this solution will be commercialized for market in early 2016.
About America First Credit Union
America First is one of the largest, most stable, and most progressive credit unions in the country, and has remained a member-owned, not-for-profit cooperative financial institution since its inception over seven decades ago. From low-rate loans and free online services, to mortgages and free checking accounts, America First offers a vast array of tools allowing you to manage your money, in the manner you desire. For more information, visit www.americafirst.com, America First Credit Union on Facebook, Twitter, @AmericaFirst on Instagram and Pinterest.
About Banco Popular de Puerto Rico
Founded in 1893, Popular, Inc. (NASDAQ: BPOP) is the leading banking institution by both assets and deposits in Puerto Rico and ranks among the top 50 U.S. banks by assets. In the United States, Popular has established a community-banking franchise providing a broad range of financial services and products with branches in New York, New Jersey and South Florida, operating under the name "Popular Community Bank".
Founded in 2011 in Austin, TX, SimplyTapp's mobile NFC payment technology enables credit card issuers and developers to leverage mobile devices for proximity payments and other real-world transactions. SimplyTapp's technology powers payment functionality for Android, Windows or BlackBerry devices for card-issuing banks and provides a simple and secure transaction environment for industries including retail, transit, ticketing and hospitality. Visit SimplyTapp at www.simplytapp.com.
Diebold, Incorporated (NYSE: DBD) provides the technology, software and services that connect people around the world with their money - bridging the physical and digital worlds of cash conveniently, securely and efficiently. Since its founding in 1859, Diebold has evolved to become a leading provider of exceptional self-service innovation, security and services to financial, commercial, retail and other markets.
1 2015 Federal Reserve Study
2 Accenture report: https://newsroom.accenture.com/industries/banking/north-american-consumers-overwhelmingly-trust-banks-to-securely-manage-their-personal-data-according-to-accenture-report.htm
SOURCE Diebold, Incorporated