SIOUX FALLS, S.D. (4/8/14)--The ATM Industry Association (ATMIA) announced the creation of the U.S. Underbanked Forum to help foster development and deployment of ATM solutions addressing the needs of the unbanked and underbanked.
The new forum will serve as a vehicle for facilitating collaboration among the ATMIA member constituencies, in an innovative and non-competitive environment, ATMIA said.
"The ATM is the perfect platform for linking traditional and nontraditional financial transactions," said David Tente, ATMIA USA executive director. "And financial institutions, independent operators, networks and processors all share a very high level of interest in creating new solutions to serve this market."
Tente cited a 2012 Forbes magazine article that referenced a Federal Deposit Insurance Corp. survey indicating that 28.3% of U.S. households conduct the majority of their financial transactions outside of the traditional banking system. "The need for ATM-based solutions targeting underbanked consumers is greater than ever," Tente said.
Growing interest in cardless transactions at the ATM may also help accelerate the development of payment options targeting the underbanked, who generally don't possess a debit or ATM card, Tente noted. Quick response codes, one-time personal identification numbers and other token-based applications are already being piloted in a number of U.S. markets.
ATMIA's U.S. Underbanked Forum is scheduled to hold its first meeting April 30.