Cash Recycling ATMs Could Revolutionize Bank Efficiency
Nautilus Hyosung America, the biggest provider of automated teller machines in America, announced yesterday that it will be partnering with Elan Financial Services to provide “cash recycling” solutions to bank ATMs. This process could revolutionize the way banks control the funds in their ATMs, and significantly improve efficiency.
With the cash recycling system, the money that customers put into ATMs for deposits can be used for cash withdrawals from other customers. Currently, the machines are designed to separate these transactions, requiring frequent refills from bank associates. Hyosung hopes to streamline this process under the new technology, allowing bankers to spend more valuable time with their customers.
“Our partnership with Elan and subsequent cash recycling rollout is an example of our commitment to delivering banks and their customers the highest quality products and user experience possible,” said Andy Orent, President and CEO of Nautilus Hyosung America.
“The combination of cash recycling, multi-denomination cash and single deposit settlement represents a significant step forward in branch service delivery and efficiency and an improved consumer experience,” added Suzanne Galvin, Senior Vice President of Product Management for Elan Financial Services.
There is currently no information on when the new ATM technology will be put into place, but it truly could have an impact on the banking industry. Hyosung currently operates over 200,000 ATMs across the country, adding new machines to its system every week.