OREANDA-NEWS. August 23, 2011. The “Cash-by-Code” service available through ATM machines will allow Bank Standard’s clients to transfer money to the account of other person for 24 hours inside the country. Unlike the other popular service “Card-to-Card”, through which money is transferred from one card to another card, Cash-by-Code enables to take money from the ATM machine without holding a plastic card, reported the press-centre of Bank Standard.

The sender wishing the use this service, goes to an ATM machine, presses any key using own plastic card and pin-code. Selecting “Cash by Code” and following instructions, the sender inserts details of the currency, transfer amount, as well as the cell-phone number of a recipient. Once the operation is over, the system creates a code consisting of two parts. The first part of the code is printed on the check and is retained with the sender of the money. The second part of the code is sent to the recipient's mobile phone as an SMS. To receive the cash it is required to enter the two parts of the code. The code is valid for 24 hours.

As mentioned above, the sender does not need a plastic card. Going to an ATM machine, the sender presses any key, selects “Cash by Code”. Next, enter both parts of the code and the receiving amount, after which the ATM gives out money.

Favorable location of Bank Standard ATMs will boost the use of this service. In addition to 90 ATMs owned by Bank Standard, it is possible to give out money through Cash-by-Code by entering Azericard system.