Fidelity National Cardless Cash Solution For CO-OP ATMs

Fidelity National Information Services, Inc. (NYSE:FIS) announced its partnership with CO-OP Financial Services last Friday. The latter will be adding Fidelity’s Cardless Cash to its ATM services.

Fidelity’s FIS Cardless Cash is a unique mobile solution that bypasses the use of plastic cards in order to make withdrawals from ATM. For this, users can authorize a withdrawal from an ATM through the FIS Mobile Banking app using TouchID. As it completely avoids the use of plastic cards, it is deemed to be more secure and private for consumers.

Fidelity’s offerings will be incorporated in the CO-OP ATM Terminal Driving services, a pilot program scheduled to begin in first-quarter 2017. As the CEO of CO-OP stated “CO-OP focuses on providing credit unions the latest technology that strengthens member connections.” He added "This partnership will provide credit union members additional convenience, combined with the latest in transaction security.”

Fidelity continues to bolster its position in the financial and payments solutions business by enhancing product portfolio. It has placed itself well to benefit from increasing investment in mobile banking, which has now developed into an essential extension of online banking as smartphone and tablet usage continues to accelerate globally.

The company had launched FIS Cardless Cash last year and is now striving to expand its consumer base. The service has been deployed by nearly 35 financial institutions while the company is already working to make it available at over 100K ATMs in the U.S. The aforementioned collaboration is a positive as it brings under its coverage a vast number of CO-OP ATMs (nearly 30K surcharge-free ATMs as of Jul 2016).

Zacks Rank

Fidelity currently has a Zacks Rank #3 (Hold). Some better-ranked stocks in the broader space include JetPay Corporation (NASDAQ:JTPY) , Banco Bradesco S.A. (NYSE:BBD) and Euronet Worldwide, Inc. (NASDAQ:EEFT) . All three carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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