Withdrawing Transfers from ATMs
- Turkiye Is Bankasi (IsBank) launched a new, simple, P2P funds transfer system called “Cebe Havale”.
- The sender can send money to one or several people using his online banking website, his mobile phone or even an ATM (open to non-customers in this case). The recipient does not have to belong to the same banking institution. The sender simply indicates the amount he wishes to send and the recipient's mobile phone number. The latter receives an SMS informing him of the transfer and indicating a specific withdrawal code; then, using one of the banks’ ATMs, the recipient enters the code provided and receives the amount in cash.
- The solution proposed by IsBank is an original example of P2P fund transfers. It is also a way to reach new customers. In fact, the recipient (or even the sender if he uses an ATM) does not have to be a customer of IsBank. In addition to the charges paid for this service, "cebe havale" interestingly innovates how its ATMs are used to withdraw cash (or send money). Many institutions have the same objective. These types of projects are significantly increasing in number in underbanked countries. In Tunisia, for instance, the State decided to implement a similar system, but relying on mobile phones and voice certification (Tagattitude). This solution has been implemented by the French company Syrse on behalf of Tunisian banks.
- Many innovating banking solutions are being developed today in Turkey. These solutions will be presented in December 2011 during the card fair “Salon Cartes”.
- Western Union recently partnered with the Romanian bank Banca Transilvania to propose fund transfers to recipients in over 200 countries. The bank’s customer indicates the amount of the transfer, the currency and the recipient’s identity. The latter can then withdraw these funds at Western Union branches. Last December, Western Union announced the introduction of a similar service with the Chinese bank SPDBank. This initiative will be extended to yet other banks.