Remittance Cash Out

Withdraw cash from Western Union, MPESA or any other payment network directly at the ATM.

BankWorld Network Cardless Acquiring is a CR2 Solution which allows a bank to acquire transactions on behalf of other networks from users who do not have ATM cards. This opens up the ATM network for use in cashing third party transfers and remittances.

CR2’s BankWorld cardless solution enables banks to provide access to cash for users of external networks such as Zap, MPESA and Western Union. By signing partnership with these external institutions and adopting CR2’s BankWorld, banks can provide greater access to cash to external users and generate new revenue. Users of these networks can have convenient access to cash services 24/7 throughout the bank’s ATM network even if they are not customers of the bank.

The endpoint in the remittance chain:

As more and more remittance services are being used, banks need to ensure that they are part of that financial chain. The ability to dispense cash on behalf of a remittance service such as Western Union allows the banks ATM’s become part of that transfer.

Mobile payments

Worldwide there is an explosion in the use of mobile phone based payment systems. These systems are typically provided by mobile phone operators who do not have an infrastructure for distributing cash. Mobile payments need to be encashed at some point and a bank’s ATM network which is accessible to mobile phone users is perfectly suited for doing this. The banks can now both improve competition and co-operation with the telcos.

Benefits of Remittance ATM Cash out

  •     New revenue for the bank
  •     New marketplace
  •     Convenient service
  •     Easy implementation
  •     Low cost service
  •     Increased satisfaction for customers and prospects


Finextra Interview, Sibos 2014

Finextra interviews Lance Gourlay, Director Corporate Accounts, CR2 during Sibos, 30th September 2014