PALO ALTO, Calif., May 30 — TabaPay, the leading money movement platform for innovators, and Evolve Bank & Trust, a leading open banking provider, have expanded a partnership with Coinstar to enhance its Transfer to Account service. Consumers using participating U.S. Coinstar® kiosks can now insert cash or coins and transfer funds directly to the account associated with any eligible debit card. This partnership aims to expand Transfer to Account functionality across more than 10,000 Coinstar kiosks in the United States.
While many banks are looking to automate key services, the need to deposit cash or coins in-person can pose an obstacle to modernizing. Cash deposits and especially coin counting can be time-intensive, which becomes challenging as in-person staff is reduced. With Transfer to Account functionality, customers can go to their local Coinstar kiosks and easily transfer cash or coins, receiving the money in their accounts promptly with no bank personnel interaction needed.
“Coinstar machines process more than 70 million transactions annually,” said Kevin McColly, CEO of Coinstar, “but we value finding new ways to improve quality-of-life for customers and partners. Transfer to Account helps more Americans engage with financial services outside of a branch while reducing the operational burden associated with manual coin handling.”
TabaPay’s deep expertise in money movement and direct card network connections will empower Coinstar to support any debit card in the United States. Additionally, TabaPay is helping Coinstar scale least-cost transaction routing to improve authorization rates. Coinstar also leverages TabaPay’s real-time monitoring and blocking tools to enhance fraud prevention.
“Coinstar’s greatest strength is the accessibility of its kiosks, and we are proud to augment that with comprehensive debit card support for Transfer to Account,” said Rodney Robinson, CEO and co-founder of TabaPay. “Together with Coinstar, we are paving the way to a world where financial institutions, neobanks, and other clients without a physical location can seamlessly receive cash transfers.”
Evolve Bank supports the compliant and secure execution of Transfer to Account transactions as the program bank. Winner of Tearsheet’s Most Innovative Bank and Partner Bank award in 2023, Evolve has been a leader in open banking capabilities. By working with Evolve, Coinstar gains access to an innovative open banking infrastructure, so financial services can be effortlessly integrated in a trusted, compliant, and secure environment.
“Today’s consumers expect their banking experience to meet them wherever they are,” said Alex Johnston, SVP, Head of Open Banking at Evolve Bank & Trust. “By transforming Coinstar kiosks into accessible banking touchpoints, we’re extending the reach of traditional and digital banks. Whether funding an account with cash or coins, this is a powerful example of how open banking delivers real, everyday value to people.”