Cashless ATM to change face of branchless banking
Source: KAL , Author: Posted by BI-ME staff
Posted: Fri June 22, 2012 3:52 pm

INTERNATIONAL. Global ATM software company, KAL, today launched the Retail Teller Machine (RTM): a revolutionary cashless ATM which is set to transform branchless banking forever.

The Times Square New York launch showcased KAL’s RTM – a machine that provides all ATM transactions including cash-out and cash-in - but has no cash inside the machine.

Operating at one tenth of the cost of bank ATMs, RTMs do not dispense cash. Instead they print a unique voucher which is then exchanged for cash inside the same store. The retailer is immediately compensated by the RTM which executes a back-to-back transaction. This remits the dispensed amount into the retailer’s bank account.
Running the same software as ATMs, the RTM provides a full range of banking services and even includes the ability for the customer to video conference with a bank call center.

This means no more expensive branches, regular maintenance or armored services. With the lightweight RTM, it’s simply a case of plug and go.

KAL’s CEO, Aravinda Korala commented: “We believe the RTM is one of the most important products ever to be introduced to the self-service banking industry. With significantly decreased running costs, banks can now ensure they have a presence wherever their customers are. Most excitingly, it offers a cost effective way to open up banking services to millions of people around the world who do not have easy access to their banks. The patented process of the RTM also provides an exciting new opportunity for retailers to work closely with their banks in providing convenient and safe access to banking services.”

For further information, please visit rtm.kal.com

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: October 25, 2014
QATAR. Real GDP growth slowed to 7.3% in Q3 2014; However, the days of voracious Chinese demand driving up global commodity prices are probably over.
date:Posted: October 25, 2014
UAE. "When the system collapses, it is not the end of the world. It simply means that the major trading and financial powers in the world come together in a conference to write new rules of the game." ICA Conference in Dubai to address lessons from global economic crisis.
date:Posted: October 23, 2014
UAE. Deflationary reading of data endangers risky assets; Global cues drive GCC markets; Growth scare unsettles investors; Extreme bearishness on oil may be overdone.
UAE. "When the system collapses, it is not the end of the world. It simply means that the major trading and financial powers in the world come together in a conference to write new rules of the game." ICA Conference in Dubai to address lessons from global economic crisis.
dhgate