Canara Bank Launches India’s First OTP-Based ATM Cash Withdrawal Facility Powered by ACI Worldwide
September 24 2019 - 2:00AM
Business Wire
Canara Bank partners with ACI to enable
additional security features for real-time authentication of ATM
cash withdrawals
ACI Worldwide (NASDAQ: ACIW), a leading global provider of
real-time electronic payment and banking solutions, today announced
that Canara Bank has successfully launched PIN + OTP cash
withdrawal through Canara Bank ATMs for Canara Bank card
holders—using ACI’s portfolio of Universal Payments solutions.
One of the leading banks in India, Canara Bank has a network of
more than 8,800 ATMs across the country. With the introduction of
its OTP-based cash withdrawal facility, Canara Bank ATMs will
feature an added layer of security for cash withdrawals above
₹10,000 in a day. One-time password (OTP) is a system-generated
numeric string of characters that authenticates the user for a
single transaction or login session. This additional factor of
authentication will protect Canara Bank card holders from
unauthorized ATM cash withdrawals.
Introduced on August 15, 2019, the OTP-based cash withdrawal
system is now active across all Canara Bank ATMs. Canara Bank, a
leading public sector lender, partnered with ACI to develop
capabilities that initiate a request for OTP generation. Using
ACI’s market-leading UP Retail Payments solution, this system was
completed within a one-month period. UP Retail Payments, based on
ACI’s Universal Payments (UP) Framework, is built on open
service-oriented architecture for robust payments orchestration.
The solution delivers 24x7 secure payment capabilities and is
currently used by 8 of the world’s top 10 banks. With the
introduction of this facility, there will be no major changes in
the process to withdraw cash from Canara Bank ATMs; however, the
facility will not be applicable for transactions when a Canara Bank
card holder withdraws from another bank’s ATM.
Once card holders enter the amount they wish to withdraw, UP
Retail Payments automatically verifies the transaction amount and
current usage of the card holder at the backend. If it exceeds the
configured OTP limit value of ₹10,000 in a day, the solution—in
real-time—sends an OTP to the card holder after authenticating the
requisite systems, and simultaneously sends a response to the ATM
to display the OTP entry screen. This approach safeguards customers
against risks while using debit cards for cash withdrawals at
ATMs—helping banks to avoid fallback/ skimmed fraud transactions in
Canara bank ATMs.
“With the digital payments landscape evolving each day,
transactions are vulnerable to fraud, putting customers at
increased risk,” said Kaushik Roy, vice president and country
leader, South Asia, ACI Worldwide. “Introducing an added layer of
security by way of an OTP-based secure mechanism is a precautionary
step by Canara Bank to guard against unauthorized transactions.
Given the newer methods employed by cyber criminals to commit ATM
and debit card-related fraud, this is an innovative solution by
Canara Bank to meet the needs of their customers.”
“We always strive to provide our customers a secure and seamless
experience at every touchpoint. With the rampant increase in
malicious activities by scammers, enabling secure cash withdrawals
is of utmost importance to us,” commented senior officials from
Canara Bank. “We have used ACI’s solutions for a long time and with
the company’s expertise and support, we were able to achieve
scalability and cover all of our thousands of ATMs across India in
a period of just one month. With this initiative, we’ve taken
another step not only toward securing our customers’ financial
transactions at the ATMs, but in increasing their trust in us.”
About ACI Worldwide
ACI Worldwide, the Universal Payments (UP) company, powers
electronic payments for more than 5,100 organizations around the
world. More than 1,000 of the largest financial institutions and
intermediaries, as well as thousands of global merchants, rely on
ACI to execute $14 trillion each day in payments and securities. In
addition, myriad organizations utilize our electronic bill
presentment and payment services. Through our comprehensive suite
of software solutions delivered on customers’ premises or through
ACI’s private cloud, we provide real-time, immediate payments
capabilities and enable the industry’s most complete omni-channel
payments experience. To learn more about ACI, please visit
www.aciworldwide.com. You can also find us on Twitter
@ACI_Worldwide.
© Copyright ACI Worldwide, Inc. 2019
ACI, ACI Worldwide, the ACI logo, ACI Universal Payments, UP,
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Product roadmaps are for informational purposes only and may not
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Dan Ring ACI Worldwide E-mail: dan.ring@aciworldwide.com Phone:
+1 781 370 3600
Christopher Taine ACI Worldwide E-mail:
christopher.taine@aciworldwide.com Phone: +49 (0) 89 45230 557
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