Viamericas’ Vianex Money Transfer Platform BenefitsExpand to Include the Only Independent ATM-Based Cash Withdrawal Network; Future-ProofsCompanies Entering the P2P Payments Market
MONEY 20/20—LASVEGAS—October 24, 2016—International licensed remittance company ViamericasCorporation and Pin4®—the U.S.’s firstindependent cardless cash ATM network—today announced completion of their partnershipinitiative targeting the peer-to-peer (P2P) payments market. The initiativeintegrates Pin4’s cardless cash withdrawal technology with Viamericas’ recentlylaunched digital money transfer platform, Vianex. This integration expands the Vianexpayout network’s value proposition by adding more physical cash withdrawallocations while increasing access tounderbanked and unbanked customers.
As a result, companiestapping into the rapidly growing P2P payments market now have an unprecedentedopportunity to reach the total possible consumer base—increasing revenuepotential while positioning their businesses for longevity. Visit Pin4 andViamericas at the Pin4 Booth #332.
Cash’s True Value Amplified by Pin4
Business Insider Intelligence projects the U.S. domestic P2P transfermarket to reach $566 billion by 2019. That growth is driven not only by bankP2P services, but also by non-bank companies such as Venmo, Facebook, Squareand many others offering digital P2P services to their customers.
According to the Federal Reserve System’s Cash Product Office, cashstands as the preferred method of payment for purchases and bill payments evenwithin this digital transaction environment.
“Fund transactions are inarguably shifting toward digital P2P methods,”said Richard Witkowski, CEO, Pin4. “Catalysts range from today’s impenetrabledependence on technology to the increasing rise in underbanked individuals. Giventhese trends, cash remains an important form of payment. In some instances, iteven outpaces debit card, credit card, online banking and physical check usage.So, in a digital financial world such as ours, you still need to offer a safe,secure way for anyone to access cash. This is where Pin4 comes in.”
The Pin4 Cardless Cash Network is the first independent platform in theU.S. that safely delivers cash real-time to consumers at enabled ATMs withoutthe use of debit or credit cards. The platform’s security hinges on a patenteddual-pin authentication process. To withdraw cash, the recipient simply entershis/her phone number; the withdrawal amount; a one-time pin provided by Pin4via an SMS text; and, a second ‘secret’ pin provided by the sender and knownonly to the sender and recipient.
Pin4’s technology introduces a new, profitable revenue channel for ATMowners as well as a valuable benefit for Viamericas customers as they can nowoffer a new network of sites where people can easily withdraw payments. Launchedlast year, Pin4’s U.S. domestic ATM network today includes machines in 46states and continues to grow.
Vianex with Pin4
“The P2P payments market is an incredibly attractive businessopportunity for many entities,” said Paul Dwyer, CEO, Viamericas. “However, toenter that market swiftly may prove challenging.”
Digital money transfers involve a complex supply chain comprisingvarious networks (issuers, acquirers, payout agents, merchants, etc.); risk,fraud and compliance controls; cash management processes; state-by-statelicensing; security and other technologies; and, more. Development of thatsupply chain can be a slow, multi-decade investment.
Vianex is the industry’s one-stop solution to that challenge,encompassing the full supply chain of processes, domestic and internationallicenses, and robust partner networks. It enables interested companies to enterthe P2P payments market today rather than years down the road.
“Vianex’s core value is, of course, anchored on the sound technology andcompliance foundations we’ve built. However, the competitive value is in thepartner networks we’ve cultivated relationship by relationship. Engaging withPin4 is a prime example of that. Cash withdrawals are an important option forour customers. With Pin4, our U.S. payout network now has the potential to growfrom several thousand Viamericas agents we previously relied on to include aconsiderable portion of the more than 425,000 ATMs operating nationwide. That’sa differentiating, future-proofing benefit we’re pleased to offer ourcustomers,” continued Dwyer.
Viamericas provides mobile and in-person financial services, includingmoney transfer, bill payment, mobile phone top-up services and B2B checkprocessing. Together with its digital brand Vianex, Viamericas makes it easierthan ever for customers to move their money. For more information, govianex.com.
About Pin4® (Pin4.com)
Launched in October 2015, Pin4® is the first independentcardless cash network in the U.S. The solution, powered by HalCash NorthAmerica, provides real-time delivery of cash to consumers at enabled ATMswithout the need for a debit/credit card or bank account. Pin4 provides ATMowners with new revenue streams and is enabling the next generation ofsolutions for consumer promotions and rewards as well as P2P transfers.Beginning in November 2016, consumers can access money through the Pin4 networkof ATMs in New York City, Miami, Chicago and Los Angeles with nationwide accessavailable in the first quarter of 2017. For more information, please visit www.pin4.com or follow us on Facebook, Twitter and YouTube.