Win/Win: Deposit Automation and Cash Recycling
The leveraging capabilities of ATM deposit automation and cash recycling are quickly becoming required components of remote delivery strategy. As cost conscious financial institutions reshape their branches towards a sale and service business model rather than a transactions processing model, the drive to enhance self-service and remote delivery capabilities has risen to the forefront, while the need for the performance of many traditional “in branch” tasks has diminished.
The benefits of intelligent ATMs featuring both deposit automation and cash recycling include reduced costs, increased speed of transactions and customer satisfaction, improved security, control of cash balances and the streamlining of back office processes. SWITCHWARE® supported deposit automation and cash recycling functionalities facilitate the evolution of the bank branch from primarily a transaction processing center to a more profitable sales and service dedicated model. The move to automated handling of high volume low value transactions and ATM cash replenishment, frees bank staff to focus on higher value sales, product promotion and service activities. SWITCHWARE® provides multi-vendor and mixed fleet support of both functionalities.
Leveraging the investment in these new channels means bank customers will move away from the traditional branch experience, and move towards interactive ATM services, a shift known as branch transformation. ATM deposit automation and cash recycling functionalities can play a key role in helping banks reshape their branches towards a sale and service business model, rather than a transaction processing model. Both functionalities serve to increase operations productivity and profitability.
Cash recycling and deposit automation functionality facilitates the evolution of the bank branch from primarily a transaction processing center to a more profitable sales and service model. The move to automated handling of high volume low value transactions and ATM cash replenishment, frees bank staff to focus on higher value sales, product promotion and service activities.
Terminals Supported for Deposit Automation:
Envelope free Deposit Automation
Financial institutions using SWITCHWARE® to drive their ATMs can offer “no envelope” cash and check deposits to their customers. No envelope deposits eliminate paper envelope stocking at the ATM and provide customers with increased confidence in conducting deposit transactions at the ATM. The increased level of confidence is a result of the customer being presented with an electronic image of the check on the ATM’s screen and a summation of the cash deposited and a printed image of the check on their ATM receipt. Accepting checks electronically also results in faster check clearing times and streamlines the deposit verification process when using a back office consolidation server.
CSFi’s multi-vendor support of deposit automation solutions offer the latest in remote deposit processing technology. Deposit automation promotes the migration of deposit transactions from the teller window to the ATM, providing customers with the capability to make a deposit that may consist of both checks and cash without using an envelope.
Deposit Automation Benefits
- Envelopes no longer required for deposit transactions
- No need to fill out deposit slips
- Faster validation and balancing of deposits
- Faster check clearing and availability of deposited funds
- Immediate credit of deposited cash to customer accounts
- Elimination of empty envelope fraud
- Cardholder provided with a transaction summary indicating notes received and image of each check deposited
- 365/24/7 any day, anytime convenience
- Greater consumer confidence to make remote deposits
Deposit Automation Features
- Diebold, NCR, Hyosung and Wincor ATM (BNA and CDM) support
- ATM vendors supply a consolidation server that provides check viewing, posting and clearing functions
- Cardholder receives a printed receipt validating deposited items
- Counterfeit bill and photocopy detection
- Drastically reduced processing and transportation costs
- Progressive ATM functions attract new, younger customers
ATM cash recyclers have the ability to accept, authenticate, sort by denomination, and evaluate the fitness of the currency notes received from customers. Accepting and dispensing cash in a form that is superior to a teller based solution, CSFi SWITCHWARE support for cash recycling technology enables tellers to focus more on consumer service and sales activity while reducing their overhead costs. With the ability to authenticate currency notes, cash recyclers and automated deposit modules help institutions lower their losses by mitigating counterfeits.
Cash recyclers allow the same currency accepted in cash deposits to be dispensed to other customers without any intervening, counting, storage, or transportation. It is an ideal solution for ATM locations that have a large amount of cash receipts in addition to cash payouts.
Cash Recycling Benefits & Features
- Supported on NCR Edge
- Automated balancing of cash inventories
- Automated cash handling reduces transaction errors
- Reduced cash replenishment costs
- Counterfeit bill and photocopy detection
- Increased ATM availability
- Increased security
- Reduced teller line