Cardless Cash Withdrawal using VRP

Cardless Cash Withdrawal with VRP

Inspiration

OneBanks is a company striving to develop the future of physical bank branches and ATMs. We believe that a shared bank model, with Open Banking at is centre, is the transformation that is required to protect those who continue to rely on cash and who are at risk of being left behind. Data from LINK, shows that during the pandemic a strong and stable underlying demand for cash of around £6bn per month existed. 8 million people rely on cash for their day-to-day expenditure and budgeting. They make between 30 & 60m withdrawals per week with a further 10m balance enquiries.

OneBanks has already developed a live cash withdrawal capability leveraging Open Banking that currently operates in our three pilot kiosks in Scotland, but the need to "pre-stage" transactions for each withdrawal brings with it unnecessary friction.

What it does

For this hackathon, we have built our cash withdrawal journey to leverage the VRP specification. VRP removes the need to pre-stage each transaction and enables a frictionless customer journey to withdraw cash using Open Banking-enabled payments rails.

How we built it

We've built our demo on top of our existing OneBanks mobile and OneBanks kiosk apps, so you'll see some of our existing functionality in the demo. Payments are orchestrated using new logic built into our AWS-based orchestration platform, which brings together our apps, the Ozone API (the ASPSP) and, additionally, a Glory CI-50 cash recycling machine. A big thankyou to the Glory team for letting us integrate and test with their technology.

Accomplishments that we're proud of

We believe this is the first open banking powered ATM, globally, and we're very proud to be able to bring this innovation to the UK first. But Open Banking has inspired so many new ideas and innovations so we're also just simply proud to be able to contribute to this ecosystem and be part of the future of UK banking.

What we learned

We set out to prove that VRP can provide a frictionless cash withdrawal process but along the way we've realised that VRP could be used for far more experiences that we'd love to pilot in our Kiosks. It's really important for VRP to be implemented by all UK banks - a secure, modern way for UK bank users to provide ongoing payment consents.

What's next for Cardless Cash Withdrawal using VRP

We hope to deploy a full, productised, version of Cardless Cash Withdrawals using VRP in our Kiosks as soon as possible. Clearly this will depend on the plans and timescales of the VRP implementation amongst UK banks, but we hope to work closely with our bank partners to get a pilot version early in the new year.