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Monday, October 29, 2012

Smart ATMs to count cash, read cheques and credit in real time

New smart ATMs that can count your cash, read the cheques and credit it to your account immediately at any hour are on the way.

“We’ve already rolled out 40 ATMs that can do that and we’ll have 150 of that type out by the end of this financial year,” the Commonwealth Bank’s executive general manager of retail products, Michael Cant, said.

“You deposit your cash or a cheque into an ATM that’s smart enough to count the cash, read the cheque ... and credit that immediately to your account,” Cant said.

Australian Bank ANZ is also set to introduce 800 ATMs by the end of the 2012-13 financial year that have the ability to deposit coins, notes and cheques and have them instantly credited to the customer’s account, ‘’ reported.

Cant says customers will also be able to personalise their settings on ATMs that will pop up each time they use it.

“When you put in your card, it identifies you as the customer and preferences that you set,” he says.

The smart ATMs will also be able to read the EMV (EuroPay, MasterCard and Visa) chip instead of the magnetic strip on a card.

This will improve customer security, with the card’s chip containing encrypted information, making it harder for fraudsters to skim details, the report said..

Digital strategy agency New Republique spokesman Nima Yassini says banking is being redefined in a digital age.

“A lot of stuff you saw in the branch network is slowly shifting to ATMs. So you don’t have to queue up to put your cash or cheques in at the branch,” Yassini said.


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