Canara Bank launches India’s first OTP-based ATM cash withdrawal facility with ACI Worldwide

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ACI Worldwide, a global provider of real-time electronic payment and banking solutions, announced that 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 ₹10,000 in a day. 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 August 15, 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 24x7 secure payment capabilities and is currently used by 8 of the world’s top 10 banks.

“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,” commented senior officials from Canara Bank. “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.”