You are hereHome CountriesNews
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: September 18, 2014
INTERNATIONAL. We have entered a new chapter in the history of central banking. This paradigm shift changes the policy tools that have traditionally defined the sphere of macroeconomic decision-making; We have built an economy that is now so leveraged that it needs zero percent interest rates just to tread water.
date:Posted: September 18, 2014
INTERNATIONAL. World Bank report spells out the repercussions of the political uncertainty and restrictions on movement and access and recommends remedial actions by all parties.
date:Posted: September 18, 2014
EGYPT. Qalaa Holdings' Hisham El-Khazindar discusses Egypt's economic prospects at Euromoney Conference.
SAUDI ARABIA. Saudi Arabia will need to keep cutting oil output to sustain prices above US$100 a barrel, according to BNP Paribas and Societe Generale; "We are swimming in crude, and they know that better than anyone because they are the biggest exporter."
dhgate