New company, Privier Inc., is releasing a product that will let people without bank accounts send money using ATM machines. The person sending the money would set up an account tied to their cell phone, deposit the money into an ATM from a participating financial institution, and then direct the recipient to an ATM where they can withdraw the cash using an authorization code.
Privier is touting this service as a low cost option for the "un-banked", and it could be for the un-banked that live near a participating FI (and the someone they want to send money to lives near a participating FI). It's an interesting solution and maybe it will lead to other services tied to ATMs. It certainly seems that banks and credit unions could be doing more with their ATMs and the ATM networks they belong to.
Privier Press Release
Wednesday, November 19, 2008
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