In an industry first, major banks have collaborated to provide an innovative multi-bank automated deposit service, with the first machine now operational and serving customers in Atherstone in Warwickshire, according to a press release.
The new deposit machines, which are initially being trialled, will offer easy access to cash services such as withdrawals, balance enquiries, PIN management to customers of all major banks. They also offer free cash deposits to customers of Bank of Scotland, Barclays, Halifax, Lloyds, NatWest, Royal Bank of Scotland and Ulster Bank with more banks to be added soon.
Further deposit machines will soon be trialled in 16 more communities. The machines are connected to the LINK network and have been set up in partnership with leading ATM providers NCR Atleos (“Atleos”) and NoteMachine.
Deposit machines are one of a number of solutions being trialled by Cash Access UK to improve deposit services for small businesses across the country. Alongside Banking Hubs, which provide basic cash and face-to-face services to personal and business banking customers, LINK, the UK’s cash access and ATM network, has also recommended ‘deposit solutions’ where there is a lack of cash services for business banking customers only.
Gareth Oakley – CEO at Cash Access UK: “Access to deposit-taking ATMs is vital for cash-reliant UK consumers struggling to access basic banking services and it’s just as important that businesses who accept cash can bank it too. This innovative new service has only been made possible through exceptional industry wide collaboration, of the banks, LINK and leading providers of ATM services.”
National Chair of the Federation of Small Businesses (FSB), Martin McTague: “Cash remains an important part of the payments mix for many consumer-facing small businesses and their customers.
“The decline of the bank branch network has left many without vital services, in particular the ability for small business owners to deposit takings for the day safely without shutting the small business early or travelling for miles.
“The ability to deposit in a super-ATM that works for multiple banks is an important innovation and could make a real difference alongside the accelerated rollout of Banking Hubs and maintenance of Post Office counters.„
Diego Navarrete – executive vice president, Global Sales for for NCR Atleos: “Deposit-taking ATMs are particularly beneficial for consumers who need to make deposits outside of regular banking hours or in locations where there are no physical bank branches nearby. We anticipate that banks will increasingly look to this service to maintain cash access for all across the UK.”
Steve Makaritis – CEO of NoteMachine: “NoteMachine’s deposit innovation in collaboration with Cash Access UK and LINK, has delivered the first LINK deposit solution, offering banks and financial institutions utility banking at their fingertips. Deposit services primarily support small businesses, where there is a higher demand for retailers to be able to deposit takings, or in places where there are no longer bank branches. From a consumer point of view, our deposit functionality gives more choice around access to cash. We look forward to collaborating with CAUK to deliver further innovative solutions.”
NCR Atleos Corporation, a leader in expanding self-service financial access for financial institutions, retailers and consumers, announced it has deployed its first multi-bank deposit ATMs in the UK. Deposit-taking ATMs are vital for cash-reliant UK consumers.
Atleos is initially deploying deposit-taking ATMs connected to the LINK ATM network in major retailers. The first deployment was in the Co-op Food store in Ormskirk, and was followed by locations in Dover, Heathfield and Swanage. Further deployments are scheduled over the coming weeks in locations including Bourne, Cardigan, Chipping Norton, Finchley, Kendal, Oxted, Shanklin and Whitehaven. LINK is the UK’s cash machine network, connecting virtually all the UK’s ATMs and ensuring communities have the access to cash that they need.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
