Two lifestyle e-commerce providers, GroupBuya and FITZ, are already utilizing GoLion insurance APIs on JETCO APIX. GroupBuya is known for its cashback rewards on a wide range of lifestyle products and services, while FITZ is a popular platform for sports fans. Consumers can now buy these insurance plans on the two platforms directly and seamlessly.
Other use cases include projects with Price.com.hk that facilitate the integration of its application with banks’ APIs, offering consumers more price comparison services of banking products and one with OpenRice that allows banks to access their e-voucher APIs to improve their offerings to bank customers.
How has JETCO’s recent introduction of cardless cross-bank ATM withdrawals provided a better customer experience?
Choi: JETCO rolled out Hong Kong’s first cross-bank cardless withdrawal service in June 2020, allowing customers of participating banks to take out cash instantly from any JETCO ATM that supports this service. Cash withdrawals from ATMs are significantly simplified: all they need to do is pre-set withdrawal instructions on their mobile banking apps. When they are at the ATM, they can select the “Cardless Withdrawal” function on the screen, scan the QR code with their mobile app and get cash instantly. The whole process is easy, fast and secure.
Currently, over 1,000 ATMs of fourteen JETCO member banks can support cross-bank cardless withdrawals. Three banks have added this feature to their mobile banking apps and we anticipate more member banks will follow in the coming months.
Cross-bank cardless withdrawal is a major step towards achieving open banking and a smarter society. There are also environmental benefits because of the reduced demand for plastic cards over time. Local consumers are getting more and more technology and mobile-savvy. JETCO and our member banks are determined to bring new banking experiences to market so customers can access their money how and when they want to. The service is particularly timely as it helps support social distancing, shortens time spent in queues and helps reduce physical contact.
What are the existing and potential security issues related to cardless cross-bank transactions? How do you address these security issues resulting from this enhanced convenience for customers?
Choi: Security is always our primary focus. JETCO’s cross-bank ATM exchange platform is a proprietary-closed network with a long track record of robust security features.
Bank-level authentication for mobile banking apps will take place before consumers are able to use the cardless ATM service.
Consumers must remember that even during cardless cross-bank transactions, all the standard ATM security tips apply, such as being alert to their surroundings, keeping ATM receipts and checking them regularly against their account records for any discrepancies. Any lost or stolen cards must be reported to the bank immediately.