Major banks have collaborated to provide a multi-bank automated deposit service, with the first machine now operational and serving customers in Atherstone in Warwickshire.
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.
The new machine has been referred to as a ‘super-ATM’
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 ATM providers NCR 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.”
“Cash Access UK rollout ‘super-ATM’” was originally created and published by Retail Banker International, a GlobalData owned brand.
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