Canara Bank Partners with ACI Worldwide to Introduce Nation's First OTP-Based ATM Cash Facility

Canara Bank Introduces Nations First OTP-Based ATM Cash Facility by Partnering ACI Worldwide

Canara Bank joins hands with ACI Worldwide, one of the leading global providers of real-time electronic payment and banking solutions to enable additional security features for real-time authentication of ATM cash withdrawals with the successful launch of PIN + OTP facility. The additional factor of authentication will protect Canara Bank card holders from unauthorized ATM cash withdrawals.

Commenting on this, Kaushik Roy, Vice President & Country Leader – South Asia, ACI Worldwide, says, “With the digital payments landscape evolving each day, transactions are vulnerable to fraud, putting customers at increased risk. 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”.

Since August 15th, 2019, the OTP-based cash withdrawal is now active across all Canara Bank ATMs. Using ACI’s UP Retail Payments Solution, the system was done within a month and the solution delivers 24x7 secure payment capabilities and is currently used by eight of the world’s top ten banks. However, there will not be any major changes in the process to withdraw cash from Canara Bank ATMs, but the facility won’t be applicable for the transactions when a Canara Bank card holder withdraws from another bank’s ATM.

Several Seniors Officials of Canara Bank commented, “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. 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”.

When Canara Bank card-holders enter the amount they wish to withdraw, the UP Retail Payments automatically verifies the transaction amount and current usage of the cardholder at the backend. However, if it exceeds the configured OTP limit value of 10,000 in a day, the solution sends an OTP to the user after authenticating the requisite systems. It 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.

Established in 1975, ACI Worldwide is a payment systems company that develops a broad line of software focused on facilitating real-time electronic payments. It delivers electronic banking and payment solutions for more than 5000 financial institutions, merchants, billers and processors around the world. With ACI’s private cloud, it provides real-time, immediate payments capabilities and enables the industry’s most complete omni-channel payments experience.