By Jacqueline Snell, MShift
March 3, 2016
The AnyWhereMobile® Payment Network (AnyWhereMobile) is a mobile payment and wallet solution that is issued to customers through community banks and credit unions. AnyWhereMobile is seamlessly integrated into the Financial Institution’s branded mobile banking app. The enrollment for customers is simple: open the mobile banking app, touch the AnyWhereMobile payment button, accept Terms of Service, enter preferred email or phone for alerts and create a 6 digit PIN for purchases at participating merchants. Once this registration is done, the customer does not need to log in to the mobile banking app to use AnyWhereMobile to make purchases.
A key differentiation with AnyWhereMobile and other ACH-based mobile payment and wallet solutions is that there is no ACH from the individual’s account. The customer launches their mobile banking app with AnyWhereMobile, scans the QR code at the POS, authorizes the transaction amount using a PIN or fingerprint and receives a transaction receipt via their mobile banking app. The funds for the purchase are secured from the customer’s account in real-time by the customer’s bank or credit union and moved into a holding account.
At the end of each business day, all aggregated transactions for each merchant from the same bank or credit union are delivered to the merchant via a single ACH transaction, which effectively makes the ACH cost allocated to each individual purchase from any merchant negligible. As a result, the AnyWhereMobile issuing bank or the credit can offer merchants interchange as low as a few pennies per transaction.
Furthermore, from a regulatory perspective, the AnyWhereMobile transaction at the POS is not an ACH transaction. Hence, no written authorization, no bank account, no routing number and no ID from the customer are needed. The customer is simply using AnyWhereMobile via their mobile banking app do a transaction akin to a standard account transfer to make a purchase. There is no need for the merchant to verify the customer’s AnyWhereMobile funding account and no risk of insufficient funds. AnyWhereMobile confirms the availability of the funds in real-time before allowing customers to complete a purchase at the POS.