OTP for single withdrawal

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 Rs.10,000 in a day, said ACI Worldwide from Naples on 24 Sept 2019.

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 15 August 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 24×7 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 Rs.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,” he said. fiinews.com