Hypothekarbank Lenzburg launches virtual cash machine
Sonect and Hypothekarbank Lenzburg are breaking new ground when it comes to cash withdrawals: the Lenzburg-based bank is integrating the Zurich-based fintech's financial app into its core banking system Finstar®. This enables customers of Hypothekarbank Lenzburg to withdraw cash in selected stores and retail outlets using their smartphone. Hypothekarbank Lenzburg is thus expanding its existing network of 25 ATMs in an innovative way.
The first withdrawal points will be activated by the end of the first quarter of '18. After that, the network will be continuously expanded. The new service is free of charge for customers of Hypothekarbank Lenzburg. What is required to use the new service is access to Hypothekarbank Lenzburg's e-banking and the Sonect smartphone app. Customers can activate the new service in their e-banking. In doing so, they give their consent to the exchange of account data between the core banking system of Hypothekarbank Lenzburg and the Sonect app, which is required for the use of the virtual ATM.
The data transfer takes place via a secure interface. Hypothekarbank Lenzburg had already put this into test operation in summer 2017 as part of its Open API initiative. In recent months, selected fintechs have tested the technology for its practicality. The launch of the new cash withdrawal function successfully concludes the test phase and activates the open interface in the operational Finstar®. In the coming months, the core banking solution will be supplemented with additional fintech offerings.